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HOUSTON, Oct 26 (Reuters) - U.S. pipeline company Kinder Morgan Inc, looking to fund its growth at a time of low oil prices, on Monday said it plans a $1.6 billion offering of 32 million depositary shares that will convert to preferred shares in three years. Each depositary share represents 1/20th of a preferred share. A spokesman for Kinder said the deal was a more cost-effective means of raising funds because the company's common equity is trading at low prices. "The issuance of $1.6 billion in preferred equity alleviates some of the uncertainty around Kinder Morgan's ability and willingness to issue equity given current market weakness," said analysts at debt rating agency Fitch. Shares of Kinder Morgan, which are so far down 33 percent this year, fell 93 cents to $28.30 in afternoon trade. (Reporting by Anna Driver; Editing by Terry Wade and David Gregorio)
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Kinder Morgan
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CODE : KMP |
ISIN : US4945501066 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Kinder Morgan is a producing company based in United states of america. Kinder Morgan is listed in Germany and in United States of America. Its market capitalisation is US$ 46.0 billions as of today (€ 36.7 billions). Its stock quote reached its lowest recent point on June 25, 1999 at US$ 10.00, and its highest recent level on November 26, 2014 at US$ 102.03. Kinder Morgan has 450 600 000 shares outstanding. |