$5.5B RAISED FOR TRANS MOUNTAIN
Kinder Morgan Canada Ltd has raised $5.5 billion for its Trans Mountain pipeline expansion and was strongly backed by lenders, the company said Friday, even as banks face pressure to back away from the project, Reuters reports. “The syndication of the credit facilities was oversubscribed,” company president Ian Anderson said in the statement. “We are gratified by the outstanding level of support for this project within the financial community.” According to the company’s statement, Kinder Morgan Canada, majority owned by Houston-based Kinder Morgan Inc, has entered into agreements for $4.0 billion in revolving credit, $1 billion in contingent credit and $500 million in revolving working capital. Toronto-Dominion Bank and Royal Bank of Canada were the main underwriters, according to Kinder Morgan’s prospectus, Reuters said.