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Encana Corporation and PrairieSky Royalty complete $2.6 billion secondary offering


Published Sep 29, 2014
Encana Corporation-2

Encana Corporation (Encana) and PrairieSky Royalty Ltd. (PrairieSky) has completed the secondary offering of 70,200,000 common shares of PrairieSky at a price of $36.50, for aggregate gross proceeds to Encana of approximately $2.6 billion (the "Offering"). The Offering was made on a bought deal basis through a syndicate of underwriters co-led and joint bookrun by TD Securities Inc., CIBC, BMO Capital Markets and RBC Capital Markets. Encana no longer holds any interest in PrairieSky.

"The creation of PrairieSky has unlocked significant value from Encana's royalty business and the successful closing of the secondary offering marks a major milestone of the strategy we announced last November. The proceeds significantly increase the strength of our already healthy balance sheet, leaving us well positioned as we continue to aggressively pursue our strategy," says Doug Suttles, Encana President & CEO.

Tags: EnCana Corporation




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