Transalta Corp Arranges $275 Million Offering-Canada Stockwatch News
Canada Stockwatch News reported that TransAlta Corp. is commencing an offering of 19.25 million of its common shares. The expected offering price of $14.30 per common share will result in gross proceeds to TransAlta of approximately $275-million. TransAlta has granted the underwriters an overallotment option to purchase up to an additional 2,887,500 of its common shares at the same price, exercisable in whole or in part at any time for 30 days following closing of the offering. Gross proceeds to TransAlta if the overallotment option is exercised in full are expected to be approximately $317-million. Proceeds from the offering will be used to finance future growth capital expenditures, including to partially finance the acquisition of the Solomon power station; to repay short-term debt; and for general corporate purposes. The completion of the offering is not contingent on the closing of the acquisition of the Solomon power station. If the acquisition does not close, proceeds from the offering will be used to finance future growth capital expenditures, to repay short-term debt and for general corporate purposes.
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