There’s a back-to-school sale on Canadian energy stocks, with three large acquisition-driven financings kicking off September.
Canadian energy companies tapped the market for about $1.2-billion on Tuesday alone to pay for acquisitions.
Pembina Pipeline Corp. set out to raise $150-million in a preferred share sale, before bumping that to $250-million amid strong demand, using the money to buy a pipeline system. Later Tuesday, Cardinal Energy Ltd. announced a $197.5-million common share offering to fund the purchase of oil fields in Alberta. Finally, Crescent Point Energy Corp. is raising $750-million to purchase assets from Lightstream Resources Ltd. and pay for increased capital spending.