UPDATE 1-Inter Pipeline to raise C$150.2 mln in bought-deal

* Inter Pipeline to raise C$150.2 mln in bought-deal

* Proceeds to be initially used to pay debt

* Offering priced at 6 pct discount to Friday's close

June 1 (Reuters) - Inter Pipeline Fund (IPL_u.TO) said it will raise C$150.2 million in a bought-deal financing, with proceeds to be initially used to pay down bank debt, while also provide capital for organic growth projects.

The petroleum transportation company said it entered into an agreement to sell 18.2 million Class A limited partnership units at C$8.25 each, a discount of 6 percent to its Friday's closing price of C$8.73.

The deal, being made through a syndicate of underwriters led by CIBC as sole bookrunner and co-led by TD Securities Inc, has an over-allotment option for underwriters to purchase up to an additional 2.7 million units at the same offering price.

Should the over-allotment option be exercised in full, the total gross proceeds of the offering would be C$172.7 million, the company said.

Inter Pipeline is the latest among a series of Canadian companies like Denison Mines (DML.TO), Lundin Mining (LUN.TO) and Moto Goldmines MGL.TO, which have taken the discount-equity offering approach to bolster their balance sheets.

In addition to this offering, Inter Pipeline said it could raise an additional C$130 million annually, based on initial investor participation rates, under its enhanced distribution plan, implemented last month.

Shares of the Calgary, Alberta-based company fell 6 percent to C$8.22 in early trade, but later pared some of its losses to trade at C$8.36 Monday on the Toronto Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore, Editing by Dinesh Nair)