Financings
Keyera Announces $525 Million Bought-Deal Offering of Common Shares
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Executive Summary
- Keyera Corp. announced a $525 million bought-deal offering of approximately 9.8 million common shares at $53.55 per share, underwritten by a syndicate led by RBC Capital Markets and TD Securities.
- Net proceeds will be used to partially repay short-term credit facility debt used to fund the acquisition of a non-operated 50% interest in the KAPS pipeline from Stonepeak Partners LP, allowing Keyera to own 100% of the asset.
- The transaction includes a 30-day over-allotment option for up to 1,470,600 additional shares and is expected to close around June 22, 2026, subject to regulatory and TSX approvals.
Key Details
- Gross Proceeds: Approximately $525 million
- Shares Offered: 9,804,000 common shares
- Price Per Share: $53.55
- Underwriters: Syndicate led by RBC Capital Markets and TD Securities Inc. (joint bookrunners)
- Offering Structure: Bought-deal equity offering
- Over-Allotment Option: Up to 1,470,600 additional common shares, exercisable in whole or in part for 30 days following closing
- Use of Proceeds: Partial repayment of indebtedness drawn under a short-term credit facility to fund the acquisition of a non-operated 50% interest in the KAPS pipeline from Stonepeak Partners LP (resulting in full ownership)
- Expected Closing Date: On or about June 22, 2026
- Conditions Precedent: Subject to receipt of all necessary regulatory approvals, including Toronto Stock Exchange approval
- Distribution & Jurisdictions: Offered in all Canadian provinces via a prospectus supplement to the base shelf prospectus (dated Dec 22, 2025); also offered in the U.S. via Rule 144A private placement to qualified institutional buyers and internationally via applicable private placement exemptions
- Related Transaction: Acquisition of KAPS pipeline interest from Stonepeak Partners LP (details announced in a separate press release)
- Prospectus Access: Base shelf prospectus and prospectus supplement accessible on SEDAR+ within two business days of the release date
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Jun 22, 2026 · 09:44