Keyera Closes CDN$200 Million Note Issue
CALGARY, Oct. 10, 2013 /CNW/ - Keyera Corp. (TSX:KEY) (TSX:KEY.DB.A) ("Keyera") announced today that it has concluded its previously announced CDN$200 million issuance of long-term notes pursuant to an uncommitted private shelf agreement (the "Agreement") with the Prudential Capital Group ("Prudential"). Proceeds of the notes are being used to pay down existing credit facilities and other general corporate purposes, including Keyera's ongoing capital expenditure program.
In connection with this debt placement, Keyera and Prudential amended the Agreement to, among other things, allow for the issuance of up to US$350 million of notes (subject to certain conditions), up from the previous limit of US$200 million.
About Keyera Corp.
Keyera Corp. (TSX:KEY) (TSX:KEY.DB.A) operates one of the largest natural gas midstream businesses in Canada. Its business consists of natural gas gathering and processing as well as the processing, transportation, storage and marketing of Natural Gas Liquids (NGLs), the production of iso-octane and crude oil midstream activities.
Keyera's gas processing plants and associated facilities are strategically located in the west central, foothills and deep basin natural gas production areas of the Western Canada Sedimentary Basin. Its NGL and crude oil infrastructure, including pipelines, terminals and processing and storage facilities, as well as its iso-octane facility, are primarily located in Edmonton and Fort Saskatchewan, Alberta, a major North American NGL hub. Keyera markets propane, butane, condensate and iso-octane to customers in Canada and the United States.
This document contains forward-looking statements based on management's current expectations and assumptions relating to Keyera's business, its financing strategy, the environment in which it operates, anticipated timing and construction of capital projects and the future operations and performance of the assets. As these forward-looking statements depend upon future events, actual outcomes may differ materially depending on factors such as: timing of Keyera's capital projects and associated capital spending; Keyera's ability to execute its strategic initiatives; activities of producers, competitors, customers, business partners and others; overall economic conditions; access to capital and financing alternatives; potential delays or changes in plans with respect to development projects or capital expenditures or the results therefrom;; and other known or unknown factors. There can be no assurance that the future events anticipated by Keyera will be realized or that they will have the expected consequences for or effects on Keyera.
For additional information on these and other risk factors, see Keyera's public filings on www.sedar.com. The information provided in this release is given as of the date hereof.
SOURCE Keyera Corp.
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