Spectra Energy Corp (SE) said Monday that its previously announced public offering of 12.8 million shares of its common stock priced at $26.75 per share has closed.
In addition, the underwriters elected to exercise in full their option to acquire an additional 1.92 million shares of the company's common stock.
The company plans to use the net proceeds from the offering to fund acquisitions, capital expenditures and for other general corporate purposes, which may include funding a portion of the purchase price for the Express-Platte Pipeline System.
Pending the use of proceeds for such purposes, the company expects to use the net proceeds to repay commercial paper as it matures or invest them temporarily in short-term marketable securities.
BofA Merrill Lynch, Barclays and UBS Investment Bank acted as joint book-running managers for the offering. Citi and J.P. Morgan acted as co-managers for the offering.
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