Encana Corp. (NYSE: ECA) will open a public offering of 107 million common shares, the company said Sept. 19.
Underwriters led by Credit Suisse Securities (Canada) Inc. and J.P. Morgan will likely receive a 30-day overallotment option to purchase about 16 million additional shares.
Encana, based in Calgary, Alberta, will use half of the net proceeds to fund part of its 2017 capital program, and the remainder will repay credit facilities debts.
Most of the 2017 capital program will support increasing the number of rigs in the Permian Basin. Roughly 2x as many wells in the basin are expected to be put onstream in 2017 as compared to 2016, the company said.
The offering is expected to close on Sept. 23.
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