VERESEN $17.25 (Toronto symbol VSN; Shares outstanding: 220.6 million; Market cap: $3.8 billion; TSINetwork Rating: Average; Dividend yield: 5.8%) has agreed to pay $1.43 billion for Global Infrastructure Partners’ 50% interest in the Ruby pipeline system. Ruby is a newly built natural gas line that runs 680 miles from Wyoming to Oregon. Right now, it can pump 1.5 billion cubic feet a day, but that could be increased to 2.0 billion. Partner Kinder Morgan will operate the system.
The Ruby pipeline will benefit Veresen in two main ways:
First, the company is buying its interest through preferred shares that it can convert into common shares whenever it chooses. That means it will receive steady preferred dividends that will immediately add to its cash flow per share.
Second, Veresen continues to move ahead with its plan to build the $6.8-billion Jordan Cove liquefied natural gas plant in Oregon. If regulators give the company final approval, the project could start up and begin exporting LNG to Asia in 2019.
The Ruby pipeline terminates at the Malin hub in Oregon, so it will give the company a nearby and assured source of natural gas for Jordan Cove.
To help pay for the purchase, Veresen is selling 56.1 million common shares at $16.40 each to raise $920 million.
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