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Energy

Enbridge Energy Partners Raising Capital (EEP)

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By Jon C. Ogg Updated Published
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Enbridge Energy Partners, L.P. (NYSE: EEP) has priced its pending public secondary offering of 5.2 million Common Units.  The deal priced at $60.12 per unit, raising more than $300 million in the offering.

The partnership said that the net proceeds will be used to repay a portion of its outstanding commercial paper and any credit facility borrowings which had been used to finance a portion of its acquisition of the entities that comprise the Elk City Gathering and Processing System.  The partnership also noted that it will use a portion of the proceeds to fund a portion of its capital expansion projects.

The joint book-runners are Morgan Stanley, BofA Merrill Lynch, J.P. Morgan, RBC Capital Markets, UBS Investment Bank and Wells Fargo.  Enbridge Partners has also granted the underwriters a 30-day option to purchase up to an additional 780,000 units to cover any over-allotments, if any.

Enbridge Energy Partners LP is down over 3% at $60.12 shortly before the open and the 52-week trading range is $38.02 to $63.39.  The $300 million compares to a market cap at yesterday’s close of roughly $7.4 billion.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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