Enbridge Energy Management LLC (NYSE: EEQ) has priced an underwritten public offering of 9 million of its listed shares for total gross proceeds of US $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 will be used to invest in an equal number of i-units of Enbridge Energy Partners LP. Enbridge Partners will use 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 may be invested temporarily in short-term investment grade securities pending their use for such purposes.
Credit Suisse, BofA Merrill Lynch, Barclays and Goldman, Sachs & Co. are joint book-running managers.
Enbridge Energy Partners LP owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the US.
Headquartered in Houston, Enbridge Energy Management LLC manages the business and affairs of Enbridge Partners, and its sole asset is 13% interest in Enbridge Partners. Enbridge Energy Co. Inc. (NYSE, TSXV: ENB), an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, is the general partner of Enbridge Partners and holds 22% interest in Enbridge Partners.