logo
Share SHARE
FONT-SIZE Plus   Neg

Enbridge Energy Management Prices Offering Of 9 Mln Listed Shares

Enbridge Energy Management, L.L.C. (EEQ) said Tuesday that it has priced an underwritten public offering of 9 million of its listed shares for total gross proceeds, before underwriters' discounts and commissions and estimated offering expenses, of about $245.6 million.

The underwriters have offered the listed shares at prevailing market prices or otherwise from time to time through the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise.

The offering is expected to close on March 1.

Enbridge Management also granted the underwriters a 30-day option to purchase up to an additional 1.35 million listed shares.

Net proceeds from the offering, including the proceeds from any exercise of the option to purchase additional listed shares, will be used to invest in an equal number of i-units of Enbridge Energy Partners L.P.

Enbridge Partners will utilize such proceeds 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 the offering may be invested temporarily in short-term investment grade securities pending their use for such purposes.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Dairy giant Saputo Inc. is voluntarily recalling certain Gouda cheese products in the U.S. due to potential listeria contamination. Saputo said one of its suppliers, Deutsch Kase Haus, LLC of Middlebury, Indiana, notified the company that some specialty Gouda cheese products that it supplied to Saputo's Green Bay, Wisconsin facility may have been contaminated with Listeria monocytogenes. Amazon is exploring the possibility of using parachutes to drop drone-delivered packages. The e-commerce giant has been granted a patent titled, "Maneuvering a package following in-flight release from an unmanned aerial vehicle". U.S. food maker Kraft Heinz Co. (KHC) Friday confirmed that it has made a comprehensive proposal to Anglo-Dutch consumer goods company Unilever Plc or Unilever NV. The cash and stock offer values $143 billion. Further, Kraft Heinz noted that Unilever has declined the proposal, however it go ahead...
comments powered by Disqus
Follow RTT