Enbridge Energy Management, L.L.C. (EEQ: Quote) 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.
 | | To receive FREE breaking news email alerts for enbridge energy management l l c and others in your portfolio |
|
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Business News