BRIEF-Inter Pipeline says $1.35 bln acquisition of Canadian NGL midstream business
Aug 8 (Reuters) - Inter Pipeline Ltd
* Inter Pipeline announces $1.35 billion acquisition of Canadian NGL midstream business
* Transaction is expected to be immediately accretive to funds from operations per share
* Expects to reduce its annual cash taxes by approximately $70 million in 2017 through 2019
* Anticipates increasing its $1,250 million revolving facility to $1,500 million in connection with acquisition.
* Underwriters will purchase from co, on a bought deal basis, 22.43 million subscription receipts at a price of $26.75/subscription receipt
* Does not anticipate need to issue additional equity beyond proceeds from subscription receipts, drip to partially fund acquisition
* Funding for acquisition will be provided by proceeds from issuance of subscription receipts, new term debt
* Funding for acquisition will also be provided by available capacity on committed revolving credit facility.
* Also anticipates reinstating premium dividend component of its premium dividend and dividend reinvestment plan upon close of deal Source text for Eikon: Further company coverage:
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