Spectra Energy Partners LP - 2011-06-09

Description

The company has reported that its public offering of 6,250,000 common units was priced at $30.96 per unit to the public. The partnership expects the delivery of the units to occur on June 14, 2011. In addition, the underwriters have an overallotment option to purchase up to approximately 937,500 additional common units.

Assuming no exercise of the overallotment option, Spectra Energy Partners expects to receive net proceeds from the offering of approximately $189 million, after deducting the underwriting discount and estimated offering expenses payable by the partnership, and including a capital contribution from its general partner to maintain its proportionate 2 percent interest in the Partnership. The Partnership intends to use the net proceeds, as well as the net proceeds from any exercise of the underwriters' overallotment option, to fund a portion of the purchase price for the Big Sandy acquisition, and use any remaining proceeds for general partnership purposes.

BofA Merrill Lynch, Barclays Capital, Citi, and Wells Fargo Securities acted as joint book running managers for the offering.

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Estimated Price
$189.0MM
Financing Type
Report Date