Enbridge Energy Partners, L.P. (NYSE:EEP) ("Enbridge Partners") today announced the pricing of a public offering of 3 million of its Class A Common Units at a public offering price of $46.00 per unit. All units are being sold by Enbridge Partners. The offering is scheduled to close on November 22, 2005.
Enbridge Partners has granted to the underwriters of this offering a 30-day option to purchase up to an additional 450,000 Class A Common Units to cover any over-allotments.
The Partnership will use the net proceeds of approximately $132 million from this offering to repay a portion of its outstanding commercial paper that was issued to finance a portion of its current capital expansion projects.
UBS Securities and Lehman Brothers acted as joint book-running managers for the offering. The remainder of the underwriting group was comprised of Merrill Lynch, RBC Capital Markets, Sanders Morris Harris, Stifel Nicolaus & Company and Deutsche Bank Securities. A copy of the preliminary prospectus supplement can be obtained from any of the underwriters, including UBS Securities at 299 Park Avenue, 29th floor, New York, NY, 10171. Direct any requests to the attention of the Prospectus Department at (212) 713-8802.
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns the U.S. portion of the world's longest liquid petroleum pipeline and is active in natural gas gathering, processing and transmission. Enbridge Energy Management, L.L.C. (www.enbridgemanagement.com) (NYSE:EEQ) manages the business and affairs of the Partnership and its principal asset is an approximate 17.5 percent interest in the Partnership following the above noted offering.
Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, is the General Partner of Enbridge Partners and will hold an approximate 10.9 percent interest in Enbridge Partners following the above noted offering. Enbridge Inc. (TSX:ENB) (NYSE:ENB) (www.enbridge.com) common shares are traded on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol "ENB."
This news release does not constitute an offer to sell or a solicitation of an offer to buy the limited partnership interests described herein, nor shall there be any sale of these limited partnership interests 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. The offering may be made only by means of a prospectus and related prospectus supplement.CONTACT:
Enbridge Energy Partners, L.P.
Toll-free: (866) EEP INFO or (866) 337-4636
Facsimile: (713) 821-2230