Spectra Energy Partners LP (SEP) announced that it has priced its underwritten public offering of 4.50 million of its common units representing limited partner interests at $37.25 per common unit.
Barclays Capital Inc. is acting as the sole book-running manager of the offering.
The company has also granted Barclays Capital Inc. a 30-day option to purchase up to 675,000 additional common units. The offering is expected to close on April 8, 2013, subject to customary closing conditions.
The company expects to receive net proceeds from the offering of approximately $168 million, after deducting the underwriting discount and estimated offering expenses payable by the Partnership, and including a capital contribution from its general partner to maintain its proportionate 2 percent interest in the Partnership.
The company noted that it intends to use the net proceeds from the offering for funding capital expenditures and acquisitions. Pending such use, the net proceeds of the offering will be held as cash or invested in short term securities, or a combination of both.
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