June 14 Midcoast Energy Partners LP, a limited partnership formed by Enbridge Energy Partners LP, filed with U.S. regulators on Friday to raise up to $575 million in an initial public offering of its common units.
Enbridge Energy said this week that it was to float Midcoast Energy, whose initial asset will consist of about 40 percent ownership interest in Enbridge Energy's existing natural gas and natural gas liquids (NGL) midstream business in the United States.
Enbridge Energy had said it would sell a minority of its total limited partnership interests in the offering.
Houston, Texas-based Midcoast Energy told the U.S. Securities and Exchange Commission in a preliminary prospectus that BofA Merrill Lynch was underwriting the IPO. ()
Midcoast Energy deals in NGL gathering and transportation pipeline systems, natural gas processing and treating facilities and NGL fractionation facilities.
Midcoast Energy reported net income of $34.2 million on operating revenue of $1.37 billion for the quarter ended March 31, according to the filing.
The company said it would be using the proceeds of the offering to repay debt and make a distribution to its parent.
Midcoast Energy intends to list its common stock on the New York Stock Exchange under the symbol "MEP".
The filing did not reveal how many units the company planned to sell or their expected price.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.