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Actionable news in KMI: KINDER MORGAN Inc,

Kinder plans $1.6 billion convertible deal, shares fall

U.S. pipeline company Kinder Morgan Inc (KMI.N), 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.

Investors panned the deal, sending shares of the Houston company down as much as 4.7 percent on the New York Stock Exchange trading.

Last week on its third-quarter earnings call, Kinder Morgan executives said they were seeking alternative means of raising capital without issuing common shares, which could dilute equity. The...


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