The Houston petroleum company says it plans to use the money from the offering to repay some of its debt, as well as to pay for a portion of its capital expansion projects. Company spokesperson Terri Larson.
“We’ve got several expansion projects that are currently underway. We are very active in the Bakken [Shale formation] up in North Dakota. We’re also expanding our east Texas gas system in the Haynesville Shale. We have a new gas plant in the Texas Panhandle on our Anadarko system, and we’re also looking at building some new tanks at our Cushing storage terminal in Cushing, Oklahoma.”
Enbridge says it plans to sell seven million shares initially and expects to get two-hundred-three million dollars for the offering. In addition, it’s giving its underwriters an option to sell another one-point-oh-five million to cover over-allotments.
Andrew Schneider, KUHF News.