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
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.