Encana Prices Shares Worth US$1 Billion In Public Offering
Zacks Investment Research | Sep 20, 2016 07:10AM ET
Canadian energy explorer, Encana Corporation (NYSE:ECA) recently announced the pricing of its previously declared public share offering. The company has offered 107 million of its common shares at US$9.35 per share. Encana expects to generate gross proceeds of more than US$1 billion from the offering.
Additionally, Encana has extended an over-allotment option to underwriters to buy an extra 16,050,000 company shares. The option will be valid for 30 days post closure of the offering. The option, if fully exercised, will increase the gross proceeds to US$.15 billion.
Encana had signed the deal with a syndicate of underwriters including Credit Suisse (SIX:CSGN) and J.P. Morgan. Also, the offering is expected to close by Sep 23, 2016, subject to necessary approvals.
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