Keyera Corp. Announces $276.6 million Public Offering of Common Shares

Keyera Corp. Announces $276.6 million Public Offering of Common Shares 
CALGARY, May 20, 2014 /CNW/ - Keyera Corp. (TSX:KEY) ("Keyera" or the 
"Company") announced today that it has entered into a financing agreement with 
a syndicate of underwriters under which Keyera will issue 3.75 million common 
shares ("Common Shares") on a "bought deal" basis at an issue price of $73.75 
per Common Share for total gross proceeds of approximately $276.6 million.  
The net proceeds of the offering will be used to partially fund the Company's 
capital growth program, to reduce short term indebtedness of the Company under 
its credit facilities and for general corporate purposes. 
The syndicate of underwriters is co-led by RBC Capital Markets and National 
Bank Financial Inc. and includes TD Securities Inc., CIBC, BMO Capital 
Markets, Scotiabank, Peters & Co. Limited, FirstEnergy Capital Corporation, 
GMP Securities L.P. and Macquarie Capital Markets Canada.   Keyera has granted 
the underwriters an over-allotment option, exercisable in whole or in part at 
any time up to 30 days following the closing of the offering, to purchase up 
to an additional 562,500 Common Shares at an issue price of $73.75 per Common 
The Common Shares will be issued pursuant to a prospectus supplement that will 
be filed with securities regulatory authorities in Canada under Keyera's short 
form base shelf prospectus dated August 19, 2013.  Closing of the offering is 
subject to normal regulatory approvals and is anticipated to occur on May 29, 
Recent Developments
Keyera is currently pursuing its most ambitious capital growth program in its 
corporate history and anticipates spending between $600 million and $700 
million on these projects this year. In addition to its previously announced 
capital growth projects, Keyera announced this morning that it has officially 
reached an agreement with Enbridge Pipelines (Athabasca) Inc. ("Enbridge") to 
participate as a 30% non-operating owner in the Norlite Pipeline.  The Norlite 
Pipeline is the proposed large diameter diluent transportation pipeline that 
will deliver condensate from the Fort Saskatchewan area to the Athabasca oil 
sands region in northeast Alberta.  It is anchored by throughput commitments 
from Suncor Energy Inc., Total E&P Canada Limited and Teck Resources Limited 
for the Fort Hills oil sands project and by Suncor Energy Oil Sands Limited 
Partnership for its proprietary oil sands production.  Enbridge anticipates 
finalizing the project scope later this year, at which time the estimated 
capital cost will be determined. 
Keyera also recently completed its $113 million acquisition of a number of 
facility and reserves assets in the West Pembina area of Alberta, including an 
85% interest in the Cynthia gas plant.  A third party has served notice that 
it intends to exercise its right of first refusal ("ROFR") on certain 
reserves. The reserves that are subject to the ROFR are valued at $23.6 
million, which amount is being held in escrow. This third party is also 
claiming that it has a right of first refusal on the Cynthia gas plant.  
Keyera does not believe that the acquisition of its interest in the Cynthia 
gas plant triggered a ROFR on the facility and a hearing has been scheduled 
for late May for a determination of this issue. 
About Keyera 
Keyera Corp. (TSX:KEY) operates one of the largest natural gas midstream 
businesses in Canada.  Its business consists of natural gas gathering and 
processing as well as the processing, transportation, storage and marketing of 
natural gas liquids (NGLs), the production of iso-octane and crude oil 
midstream activities. 
Keyera's gas processing plants and associated facilities are strategically 
located in the west central, foothills and deep basin natural gas production 
areas of the Western Canada Sedimentary Basin.  Its NGL and crude oil 
infrastructure, including pipelines, terminals and processing and storage 
facilities, as well as its iso-octane facility, are located in Edmonton and 
Fort Saskatchewan, Alberta, a major North American NGL hub.  Keyera markets 
propane, butane, condensate and iso-octane to customers in Canada and the 
United States. 
This document contains forward-looking statements based on Keyera management's 
current expectations and assumptions relating to Keyera's business, the 
environment in which it operates, anticipated timing and closing of the 
offering and the future operations and performance of Keyera's assets. As 
these forward-looking statements depend upon future events, actual outcomes 
may differ materially depending on factors such as: confirmation of 
satisfaction of TSX and other securities regulatory requirements; the exercise 
of the ROFR on the reserves associated with the Cynthia gas plant; the 
interpretation of the rights of first refusal under the agreements governing 
the Cynthia gas plant and certain reserves; a potential determination that 
there are valid third party claims to any of the acquired assets; Keyera's 
ability and right to operate the acquired assets; changes in production 
decline rates; turnaround scheduling and costs at the Cynthia gas plant; 
environmental liabilities; the design, construction and operation of the 
Norlite Pipeline; producer development plans and oil sands activity levels; 
the ability of Enbridge to secure all necessary approvals and consents for the 
proposed Norlite Pipeline and all associated facilities; the ability of 
Enbridge to secure appropriate rights-of-way for the proposed Norlite 
Pipeline; producer willingness to contract for services to support an 
increased scope for the Norlite Pipeline; construction and input costs; 
construction scheduling variables; availability of construction crews and 
engineering services; ability to source required parts and equipment; future 
operating results of the assets; future operating results of Keyera's assets; 
future operating results of Keyera's business segments and the components of 
those results; Keyera's ability to execute its strategic initiatives; 
commodity supply/demand balances and prices; activities of producers, 
competitors, customers, business partners and others; access to third party 
facilities; overall economic and market conditions; access to capital and 
financing alternatives; operational risks associated with Keyera's businesses 
and operations; potential delays or changes in plans with respect to 
development projects or capital expenditures or the results therefrom; the 
legislative, regulatory and tax environment; and other known or unknown 
factors. There can be no assurance that the results or developments 
anticipated by Keyera will be realized or that they will have the expected 
consequences for or effects on Keyera. 
For additional information on these and other factors, see Keyera's public 
filings on Unless otherwise required by applicable laws, Keyera 
does not intend to publicly update or revise forward-looking statements, 
whether as a result of new information, future events or otherwise. 
This press release shall not constitute an offer to sell or the solicitation 
of an offer to buy any securities, nor shall there be any sale of securities 
in any state in the United States in which such offer, solicitation or sale 
would be unlawful. The securities referred to herein have not been and will 
not be registered under the United States Securities Act of 1933, as amended, 
and may not be offered or sold in the United States absent registration or an 
applicable exemption from registration requirements.

SOURCE  Keyera Corp. 
For further information about Keyera, please visit our website or contact: 
John Cobb, Vice President, Investor Relations and Information Technology  or 
Julie Puddell, Manager, Investor Relations, Telephone: (403) 205-7670 / Toll Free: (888) 699-4853. 
To view this news release in HTML formatting, please use the following URL: 
CO: Keyera Corp.
ST: Alberta
-0- May/20/2014 21:39 GMT
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