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Keyera launches C$429.4M common share offering to help fund projects

Keyera Corp. commenced a public offering of 12.2 million common shares to be issued under a financing agreement with underwriters on a bought-deal basis for C$35.20 per share to yield C$429.4 million in gross proceeds.

Keyera plans to use part of the net proceeds to pay down short-term debts under its credit facilities, with the rest to be used for capital projects and general corporate purposes, according to a Nov. 30 news release.

The company's expected spending for growth projects in 2018 grew to C$800 million to C$900 million, with the recently announced additional investments at the Simonette gas plant in Alberta.

The underwriters were given an option to buy up to 1,830,000 additional shares at the same issue price.