VSN.PR.C Soft On Good Volume

Veresen Inc. has announced:

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”.

VSN.PR.C is a FixedReset, 5.00%+301 announced October 9. It has been rated Pfd-3(high) [Stable] by DBRS; it will be tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

The issue traded 259,016 shares today in a range of 24.60-88 before closing at 24.70-82, 4×48.

Vital statistics are:

Maturity Type : Limit Maturity
Maturity Date : 2043-10-21
Maturity Price : 23.03
Evaluated at bid price : 24.70
Bid-YTW : 4.89 %

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