Enbridge Energy Management Announces Public Offering of Listed Shares
26 February 2013 - 8:13AM
Marketwired
Enbridge Energy Management, L.L.C. (NYSE: EEQ) ("Enbridge
Management") today announced that it has commenced, subject to
market conditions, an underwritten public offering of approximately
9 million of its Listed Shares (the "Shares"). Enbridge Management
is expected to grant the underwriters a 30-day option to purchase
up to an additional 1.35 million Shares.
Proceeds will be used to invest in an equal number of i-units of
Enbridge Energy Partners L.P. ("Enbridge Partners"). Enbridge
Partners will utilize such proceeds, including the proceeds from
any exercise of the option to purchase additional Shares, to repay
commercial paper, to finance a portion of its capital expansion
program relating to its core liquids and natural gas systems and
for general partnership purposes. Some or all of the net proceeds
of this offering may be invested temporarily in short-term
investment grade securities pending their use for such
purposes.
Credit Suisse, BofA Merrill Lynch, Barclays and Goldman Sachs
& Co. are joint book-running managers for the offering. The
offering is made pursuant to effective shelf registration
statements and a prospectus filed by Enbridge Management, Enbridge
Partners and Enbridge, Inc. with the Securities and Exchange
Commission. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy the Shares described
herein, nor shall there be any sale of these Shares in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. When available, copies of
the preliminary prospectus supplement and accompanying base
prospectus related to the offering may be obtained from the
underwriters as follows:
Credit Suisse Attention: Prospectus Department One Madison
Avenue New York, New York, 10010 Tel: +1 (800) 221-1037 Email:
newyork.prospectus@credit-suisse.com
BofA Merrill Lynch Attn: Prospectus Department 222 Broadway 11th
Floor New York, NY 10038 Email: dg.prospectus_requests@baml.com
Barclays Attn: Broadridge Financial Solutions 1155 Long Island
Ave. Edgewood, NY 11717 Tel: (888) 603-5847 Email:
barclaysprospectus@broadridge.com
Goldman, Sachs & Co. Attn: Prospectus Department 200 West
Street New York, NY 10282 Tel: 1-866-471-2526 Email:
prospectus-ny@ny.email.gs.com
Enbridge Energy Partners, L.P. owns and operates a diversified
portfolio of crude oil and natural gas transportation systems in
the United States. Its principal crude oil system is the largest
transporter of growing oil production from western Canada.
Enbridge Energy Management, L.L.C. manages the business and
affairs of Enbridge Partners, and its sole asset is an approximate
13 percent interest in Enbridge Partners. Enbridge Energy Company,
Inc., an indirect wholly owned subsidiary of Enbridge Inc. of
Calgary, Alberta, (NYSE: ENB) (TSX: ENB) is the general partner of
Enbridge Partners and holds an approximate 22 percent interest in
Enbridge Partners.
LEGAL NOTICE
This news release includes forward-looking statements and
projections, which are statements that do not relate strictly to
historical or current facts. These statements frequently use the
following words, variations thereon or comparable terminology:
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"forecast," "intend," "may," "plan," "position," "projection,"
"should," "strategy," "will" and similar words. Although we believe
that such forward looking statements are reasonable based on
currently available information, such statements involve risks,
uncertainties and assumptions and are not guarantees of
performance. Future actions, conditions or events and future
results of operations may differ materially from those expressed in
these forward-looking statements. Many of the factors that will
determine these results are beyond our or Enbridge Partners'
ability to control or predict. Specific factors that could cause
actual results to differ from those in the forward-looking
statements include: (1) changes in the demand for or the supply of,
forecast data for and price trends related to crude oil, liquid
petroleum, natural gas and NGLs, including the rate of development
of the Alberta Oil Sands; (2) Enbridge Partners' ability to
successfully complete and finance expansion projects; (3) the
effects of competition, in particular, by other pipeline systems;
(4) shut-downs or cutbacks at facilities of Enbridge Partners or
refineries, petrochemical plants, utilities or other businesses for
which Enbridge Partners transports products or to whom Enbridge
Partners sells products; (5) hazards and operating risks that may
not be covered fully by insurance; (6) changes in or challenges to
Enbridge Partners' tariff rates; and (7) changes in laws or
regulations to which Enbridge Partners is subject, including
compliance with environmental and operational safety regulations
that may increase costs of system integrity testing and
maintenance.
Reference should also be made to Enbridge Partners' filings with
the U.S. Securities and Exchange Commission (the "SEC"), including
its Annual Report on Form 10-K for the most recently completed
fiscal year for additional factors that may affect results. These
filings are available to the public over the Internet at the SEC's
web site (www.sec.gov).
FOR FURTHER INFORMATION PLEASE CONTACT Investor Relations
Contact: Sanjay Lad Toll-free: (866) EEP INFO or (866) 337-4636
E-mail: eep@enbridge.com Media Contact: Terri Larson Telephone:
(877) 496-8142 E-mail: usmedia@enbridge.com
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