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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