The magic number for Canadian pipeline companies these days is 1.1-billion.
That's how much equity Enbridge outlined it needs on Wednesday to fund $11.6-billion of expansion.
And it's the same amount that rival TransCanada raised in a stock sale late Monday.
Enbridge released quarterly earnings Wednesday and detailed plans to raise equity through a combination of asset sales and monetizations, common stock issues and new hybrid securities, which could include convertible debentures.
Enbridge also plans $4.6-billion of new borrowing to fund growth. More details on the company's plans are expected in a conference call a 9:00 AM Eastern time Wednesday.
The capital-intensive expansion coming from these major pipeline owners make Enbridge and TransCanada rare bright spots in Canadian corporate finance. Investment banks that lend to the two companies have a edge in winning other underwriting work.
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