Kinder Morgan looking to raise $1.75 billion in Trans Mountain pipeline IPO
Posted May 10, 2017 11:47 am.
Last Updated May 10, 2017 1:01 pm.
This article is more than 5 years old.
CALGARY – Kinder Morgan Canada is looking to raise $1.75 billion through an initial public offering of assets including the Trans Mountain pipeline system.
In an updated prospectus filed Wednesday, the company said it’s looking to sell shares at between $19 and $22 to help fund the $7.4 billion Trans Mountain Expansion Project.
The Kinder Morgan Canada Ltd. Partnership would hold both the Trans Mountain pipeline and the expansion project, the Puget Sound pipeline system in Washington State, a condensate pipeline, along with storage and terminals along the pipeline routes.
Houston-based Kinder Morgan would still hold a majority share, with as much as a 77 per cent interest in the entity.
The filing comes a day after the BC election in which the Liberal party, which supports the pipeline, won 43 seats, one short of a majority. The NDP and Green parties, which oppose the pipeline, hold 41 and three seats respectively.
The final tally of the election could yet change, with several recounts planned and absentee ballots still to be counted.
