Keyera to Raise $2.8 Billion Through Senior and Hybrid Notes Offering

05:24 PM EDT, 09/15/2025 (MT Newswires) -- Keyera (KEYUF) , after trade Monday, said it will issue $2.3 billion in senior unsecured notes and $500 million in fixed-to-fixed rate subordinated notes, also referred to as hybrid notes.

The senior notes will be issued in four parts: $500 million at 3.702% interest, due in 2030; and $600 million at 4.204%, due in 2033; and $500 million at 4.569%, due in 2035; and $700 million at 5.309%, due in 2055.

The hybrid notes will total $500 million at a 6.000% interest rate, also maturing in 2055.

The offering is expected to close on Sept. 29, the company said, adding that the net proceeds, combined with funds from a previously announced subscription receipt offering, will be used to help finance a part of Keyera's (KEYUF) $5.15 billion acquisition of Plains Midstream Canada. This deal is set to close in the first quarter of 2026.

If the acquisition does not close by June 30, 2026, or if it is terminated, the notes will be subject to a special mandatory redemption, the company added.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.