Keyera Corp. on C$5.15 billion acquisition of Plains’ Canadian NGL business, C$2 billion equity offering and C$3 billion in debt commitments
Canada | June 23, 2025
Client: Keyera Corp
Lawyers:
Our Calgary office, with support from Toronto, Ottawa, Houston and Los Angeles, acted as counsel for Keyera Corp in connection with its agreement to acquire substantially all of Plains' Canadian natural gas liquids business, plus select US assets, for a total cash consideration of C$5.15 billion, subject to adjustments.
To fund the transformational acquisition, the firm assisted Keyera with obtaining the requisite financing by way of: (i) a bought deal prospectus offering of subscription receipts for gross proceeds of C$2.07 billion; and (ii) C$3.35 billion of committed debt financing, consisting of a C$2.5-billion bridge facility, and a C$850-million term loan.
The acquisition expands Keyera's position as a leading Canadian energy infrastructure company with a fully connected NGL corridor stretching from western to eastern Canada. By bringing these assets under Canadian ownership, the transaction reinforces Canada's economic resilience by strengthening domestic infrastructure and helping to unlock the full potential of Canada's energy future.
Read more about the deal here.
To fund the transformational acquisition, the firm assisted Keyera with obtaining the requisite financing by way of: (i) a bought deal prospectus offering of subscription receipts for gross proceeds of C$2.07 billion; and (ii) C$3.35 billion of committed debt financing, consisting of a C$2.5-billion bridge facility, and a C$850-million term loan.
The acquisition expands Keyera's position as a leading Canadian energy infrastructure company with a fully connected NGL corridor stretching from western to eastern Canada. By bringing these assets under Canadian ownership, the transaction reinforces Canada's economic resilience by strengthening domestic infrastructure and helping to unlock the full potential of Canada's energy future.
Read more about the deal here.