Key Developments: Enbridge Energy Management LLC (EEQ)
30.90USD
24 May 2013
$-0.22 (-0.71%)
$31.12
$31.06
$31.12
$30.66
158,030
407,590
$33.15
$26.24
Latest Key Developments (Source: Significant Developments)
Enbridge Energy Management LLC Announces Closing of Public Offering of Listed Shares and Full Exercise of Underwriters' Option to Purchase Additional Listed Shares
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. Full Article
Enbridge Energy Management LLC Prices Offering Of Listed Shares
Enbridge Energy Management LLC announced that it has priced an underwritten public offering of nine million of its Listed Shares for total gross proceeds (before underwriters' discounts and commissions and estimated offering expenses) of approximately $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, 2013. Enbridge Management also granted the underwriters a 30-day option to purchase up to an additional 1.35 million Listed Shares. Net proceeds from the offering, including the proceeds from any exercise of the option to purchase additional Listed Shares, will be used to invest in an equal number of i-units of Enbridge Energy Partners L.P. (Enbridge Partners). Enbridge Partners will 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. are joint book-running managers for the offering. Full Article
Enbridge Energy Management LLC Announces Public Offering of Listed Shares
Enbridge Energy Management LLC announced that it has commenced, subject to market conditions, an underwritten public offering of approximately 9 million of its Listed Shares (the Shares). Enbridge Management is expected to grant the underwriters a 30-day option to purchase up to an additional 1.35 million Shares.Proceeds will be used to invest in an equal number of i-units of Enbridge Energy Partners L.P. ("Enbridge Partners"). Enbridge Partners will utilize such proceeds, including the proceeds from any exercise of the option to purchase additional Shares, 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. Full Article
Enbridge Energy Management LLC Confirms Amount Of Share Distribution for Fourth Quarter 2012
Enbridge Energy Management LLC announced that it has confirmed that its previously declared share distribution, to be paid on February 14, 2013, will consist of 1.7846 additional shares for each 100 shares of record on February 7, 2013. The distribution of additional Enbridge Management shares is based on the notional cash value of the declared distribution of $0.5435 per share and the average closing price of Enbridge Management shares for the ten consecutive trading days prior to the ex-dividend date. Full Article
Enbridge Energy Management, L.L.C. Announces Chairman Change-Form 8-K
Enbridge Energy Management, L.L.C. reported in its Form 8-K that effective July 30, 2012, Martha O. Hesse retired as Chairman and will retire as a Director effective August 14, 2012 from her position on the Board of Directors of Enbridge Energy Management, L.L.C. (EEM). Jeffrey A. Connelly, an independent Director, was elected as Chairman of the Board and resigned his position as Chairman of the Audit, Finance and Risk Committee. J. Herb England was elected his successor as chairman of the Audit, Finance and Risk Committee. Full Article
Enbridge Energy Management, L.L.C. Confirms Amount Of Share Distribution For First Quarter 2012
Enbridge Energy Management, L.L.C. announced that it confirmed that its previously declared share distribution, to be paid on May 15, 2012, will consist of 1.6496 additional shares for each 100 shares of record on May 7, 2012. The distribution of additional Enbridge Management shares is based on the notional cash value of the declared distribution of $0.5325 per share and the average closing price of Enbridge Management shares for the ten consecutive trading days prior to the ex-dividend date. Full Article
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