TransCanada Raises $1 Billion

Article Excerpt

TRANSCANADA CORP. $33.05 (Toronto symbol TRP; Shares outstanding: 611.7 million; Market cap: $20.2 billion; SI Rating: Above average) has completed the sale of 35.1 million new common shares at $33.00 each, for proceeds of $1 billion. The extra shares will increase the total outstanding by about 6%. The company will use most of the proceeds to fund capital projects such as the proposed Keystone oil pipeline, which will transport crude oil from Alberta’s oil sands to refineries in the United States. TransCanada owns 79.99% of Keystone, and its share of the construction costs is roughly $9.8 billion U.S. TransCanada is a safety-conscious buy. buy…