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Enbridge Inc's Enbridge Energy Management LLC Prices Offering At $245 Million-Canada Stockwatch News


Tuesday, 26 Feb 2013 01:16pm EST 

Canada Stockwatch News reported that Enbridge Inc.'s Enbridge Energy Management LLC has priced an underwritten public offering of 9,000,000 of its listed shares for total gross proceeds (before underwriters' discounts and commissions and estimated offering expenses) of approximately $245.6-million. 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 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 bookrunning managers for the offering. The offering is made pursuant to effective shelf registration statements and a prospectus filed by Enbridge Management, Enbridge Partners and Enbridge, with the Securities and Exchange Commission. 

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