Kinder Morgan Canada Ltd.


With Kinder Morgan Inc., reported completion of IPO of about 102.9 million restricted voting shares priced at $17 each, trading under the ticker “KML.” Proceeds will indirectly acquire from Kinder Morgan a 30% interest in a limited partnership that holds the Canadian business. Kinder Morgan will use proceeds it receives to pay down debt. Closing removed the final condition to Kinder Morgan’s investment approval for the Trans Mountain Expansion Project. Offering was made through a syndicate of underwriters co-led by TD Securities Inc. and RBC Capital Markets, who were joint book-runners. Underwriters received overallotment to purchase about 15.4 million additional restricted voting shares at $17 each. At closing, Kinder Morgan holds about 70% of issued and outstanding shares through its indirect ownership of about 242 million special voting shares. Kinder Morgan also holds roughly 70% interest in the limited partnership that holds the business.

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