Gaz Métro Limited Partnership (GMLP) has completed an equity offering of 4,545,455 new units from its treasury at a price of $22.00 per unit for gross proceeds of approximately $100 million.
Gaz Métro inc., the General Partner of GMLP, and Valener Inc. (TSX: VNR) subscribed $71 million and $29 million respectively, based on each entity’s respective share of units outstanding. Gaz Métro inc financed its subscription of new units by way of issuance of common shares to Noverco Inc. for gross proceeds of approximately $71 million.
Caisse de dépôt et placement du Québec (CDPQ), Fonds de Solidarité FTQ, bcIMC, Desjardins Group Pension Plan, and Université du Québec Pension Plan, through TRENCAP L.P. owns 61.11% of Noverco while Enbridge owns the remaining 38.89%.
CDPQ is deemed as the controlling shareholder of Noverco through its 65.81% stake in TRENCAP.
Proceeds will be used to rebalance Gaz Métro’s capital structure and for general corporate purposes.
Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Québec, where its network of over 10,000 km of underground pipelines serves more than 300 municipalities and more than 205,000 customers. Gaz Métro is also present in Vermont, where it has more than 315,000 customers.
photo credit: Gaz Métro