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TransCanada Corp. raised $4.42 billion (US$3.37 billion) in the largest share sale in Canadian history, according to people familiar with the sale, sending energy financings in the country to the best start in at least two decades as oil prices rebounded.

TransCanada’s equity sale to help fund its acquisition of Columbia Pipeline Group Inc. eclipsed Barrick Gold Corp.’s $4.33 billion issue in September 2009, according to data compiled by Bloomberg. Fifteen investment banks will get about $144 million for arranging the offering for the Calgary-based pipeline operator, based on fees of 3.25 percent in a March 18 regulatory filing.

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The sale lifts announced equity financing in Canada’s energy industry to $8.59 billion this year, up 66 per cent from a year ago and the best start to the year since at least 1994, the data show. Energy firms have been pursuing financing to fund takeovers and capital expenditure plans as the price of crude rallies from the worst downturn in a generation. Investors are only too willing to lap up shares.

In addition to TransCanada, other offerings included a $2.3 billion sale by Enbridge Inc., and $300 million offerings from Pembina Pipeline Corp. and Seven Generations Energy Ltd. Energy companies accounted for two thirds of the $13.1 billion raised from stock sales in the country, Bloomberg data show.

Bloomberg News