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Husky Energy raises C$1.2 bln to fund growth plans
June 22, 2011 / 9:34 PM / 6 years ago

Husky Energy raises C$1.2 bln to fund growth plans

* Raising C$1 bln in bought deal

* C$200 mln from private placement to biggest owner

* Says production to grow at top end of target

CALGARY, Alberta, June 22 (Reuters) - Husky Energy Inc (HSE.TO), Canada’s No. 3 integrated oil company, said on Wednesday it will raise C$1.2 billion ($1.24 billion) though public and private share offerings in order to finance its production growth plans.

Husky, controlled by Hong Kong billionaire Li Ka-shing, said it will sell 36.9 million common shares priced at C$27.05 each, to a group of underwriters led by RBC Capital Markets, Goldman Sachs Canada, HSBC Securities (Canada) and J.P. Morgan Securities. The bought deal is expected to raise about C$1 billion.

Along with the public offer, Husky will sell a further 7.39 million shares to two companies controlled by Li Ka-shing to raise a further C$200 million.

Husky said the cash will go to boost exploration and development of its properties in Western Canada’s oil sands, offshore Newfoundland and Southeast Asia.

It also said that, with the additional capital, it expects production to grow at the high end of its 3-5 percent annual target though 2105.

Husky shares rose 5 Canadian cents to C$28.13 on Wednesday on the Toronto Stock Exchange.

$1=$0.97 Canadian Reporting by Scott Haggett; editing by Rob Wilson

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