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Enbridge Energy Management LLC Announces Closing of Public Offering of Listed Shares and Full Exercise of Underwriters' Option to Purchase Additional Listed Shares


Friday, 1 Mar 2013 12:41pm EST 

Enbridge Energy Management LLC announced the closing of its previously announced public offering of nine million of its Listed Shares that priced on February 25, 2013, as well as an additional 1.35 million Listed Shares pursuant to the underwriters' exercise of its option to purchase additional Listed Shares in full, for net proceeds of approximately $272.9 million after deducting underwriting discounts and commissions and offering expenses. Enbridge Management expects to use the net proceeds from this offering to invest in an equal number of i-units of Enbridge Energy Partners, L.P. (Enbridge Partners). Enbridge Partners intends to 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 this offering 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. acted as joint book-running managers for the offering. 

Company Quote

38.0
0.65 +1.74%
26 Nov 2014