/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Oct. 21, 2013 /CNW/ - Veresen Inc. ("Veresen") (TSX: VSN) is pleased to announce that it has closed its previously
announced bought deal offering of 6,000,000 Cumulative Redeemable
Preferred Shares, Series C (the "Series Preferred Shares") at a price of $25.00 per share representing aggregate gross proceeds
of $150,000,000 (the "Offering").
The Offering was first announced by Veresen on October 9, 2013 when
Veresen entered into an agreement with a syndicate of underwriters
co-lead by Scotiabank, TD Securities Inc. and CIBC.
Proceeds from the Offering will be used to reduce indebtedness and for
general corporate purposes.
The Series C Preferred Shares have been rated Pfd-3 (High) by DBRS
Limited and P-3 (High) by Standard & Poor's, a division of The McGraw
Hill Companies, Inc.
The Series C Preferred Shares will begin trading on the Toronto Stock
Exchange today under the symbol "VSN.PR.C".
The Series C Preferred Shares have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
the registration requirements. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall
there be any offer, solicitation or sale of the securities in any state
in which such offer, solicitation or sale would be unlawful.
About Veresen Inc.
Veresen is a publicly-traded dividend paying corporation based in
Calgary, Alberta, that owns and operates energy infrastructure assets
across North America. Veresen is engaged in three principal businesses:
a pipeline transportation business comprised of interests in two
pipeline systems, the Alliance Pipeline and the Alberta Ethane
Gathering System; a midstream business which includes ownership
interests in a world-class natural gas liquids extraction facility near
Chicago, the Hythe/Steeprock complex and other natural gas and NGL
processing energy infrastructure; and a power business with renewable
and gas-fired facilities and development projects in Canada and the
United States, and district energy systems in Ontario and Prince Edward
Island. Veresen is actively developing a number of greenfield projects
and, in the normal course of its business, regularly evaluates and
pursues acquisition and development opportunities.
Veresen's common shares, Series A Preferred Shares and 5.75% convertible
unsecured subordinated debentures, Series C due July 31, 2017 are
listed on the Toronto Stock Exchange under the symbols "VSN",
"VSN.PR.A" and VSN.DB.C", respectively. For further information, please
Forward Looking Information
Certain information contained herein relating to, but not limited to,
Veresen and its businesses and the offering of the Series C Preferred
Shares, constitutes forward-looking information under applicable
securities laws. All statements, other than statements of historical
fact, which address activities, events or developments that Veresen
expects or anticipates may or will occur in the future, are
forward-looking information. Forward-looking information typically
contains statements with words such as "may", "estimate", "anticipate",
"believe", "expect", "plan", "intend", "target", "project", "forecast"
or similar words suggesting future outcomes or outlook. Forward-looking
statements in this news release include, but are not limited to,
statements with respect to the use of the proceeds of the Offering and
dividend rates. Additional information on risks, uncertainties and
factors that could affect Veresen's operations or financial results is
included in its filings with the securities commissions or similar
authorities in each of the provinces of Canada, as may be updated from
time to time. Readers are also cautioned that such additional
information is not exhaustive. The impact of any one risk, uncertainty
or factor on a particular forward-looking statement is not determinable
with certainty as these factors are independent and management's future
course of action would depend on its assessment of all information at
that time. Although Veresen believes that the expectations conveyed by
the forward- looking information are reasonable based on information available on the
date of preparation, no assurances can be given as to future results,
levels of activity and achievements. Undue reliance should not be
placed on the information contained herein, as actual results achieved
will vary from the information provided herein and the variations may
be material. Veresen makes no representation that actual results
achieved will be the same in whole or in part as those set out in the
forward-looking information. Furthermore, the forward-looking
statements contained herein are made as of the date hereof, and Veresen
does not undertake any obligation to update publicly or to revise any
forward-looking information, whether as a result of new information,
future events or otherwise, except as required by applicable laws. Any
forward-looking information contained herein is expressly qualified by
this cautionary statement.
SOURCE: Veresen Inc.
For further information:
Director, Investor Relations
Phone: (403) 213-3633