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Midcoast Energy Partners LP announces closing of option to purchase additional class A common units related to initial public offering


Monday, 9 Dec 2013 03:55pm EST 

Midcoast Energy Partners LP:Says the closing of the sale of an additional 2,775,000 Class A Common Units representing limited partner interests in connection with the previously announced initial public offering of 18,500,000 of its Class A Common Units that closed on Nov. 13.Says it will use the about $47.0 mln of net proceeds from the exercise of the option to redeem 2,775,000 Class A Common Units from Enbridge Energy Partners, L.P.Says upon redemption of the Class A Common Units from Enbridge Partners, the public will own a 46 percent limited partner interest in Midcoast Partners.Says BofA Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan, Morgan Stanley, Wells Fargo Securities and UBS Investment Bank acted as joint book-running managers for the initial public offering.Says RBS, SMBC Nikko and Ladenburg Thalmann & Co. Inc. acted as co-managers for the initial public offering.