Enbridge Energy Management Announces Public Offering of Listed Shares
Enbridge Energy Management, L.L.C. (NYSE: EEQ) ("Enbridge Management") today announced that it has commenced an underwritten public offering of approximately eight 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 one million Shares.
Proceeds will be used to invest in an equal number of i-units of Enbridge Energy Partners, L.P. (NYSE: EEP) ("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.
Citigroup, J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities are serving as 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:
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.