HOUSTON, Feb. 26, 2008 (PRIME NEWSWIRE) -- Enbridge Energy Partners, L.P. (NYSE:EEP) ("the Partnership") announced today it has commenced, subject to market conditions, a public offering of approximately 4 million of its Class A common units representing limited partner interests. The Partnership is expected to grant the underwriters a 30-day option to purchase up to an additional 600,000 units to cover overallotments, if any. The Partnership expects to use the net proceeds from this offering, including the proceeds from any exercise of the overallotment option, to repay a portion of its outstanding commercial paper and any credit facility borrowings that were used to finance a portion of its capital expansion projects.
Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated, and Wachovia Capital Markets, LLC are joint book-running managers for the offering.
When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from the underwriters as follows:
Citi Morgan Stanley Wachovia Securities Brooklyn Army Terminal Prospectus Dept. Equity Syndicate Department 140 58th Street, 180 Varick Street, 375 Park Avenue 8th Floor 2nd Floor New York, NY 10152 Brooklyn, NY 11220 New York, NY 10014 equity.syndicate Tel: 718-765-6732 Tel: (866) 718-1649 @wachovia.com
Enbridge Energy Partners, L.P. owns the U.S. portion of the world's longest liquid petroleum pipeline and is active in natural gas gathering, processing and transmission. Enbridge Energy Management, L.L.C. (NYSE:EEQ) manages the business and affairs of the Partnership and its principal asset is an approximate 14 percent interest in the Partnership following the above noted offering.
Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, is the General Partner of the Partnership and will hold an approximate 15 percent interest following the above noted offering. Enbridge Inc. common shares are traded on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol "ENB."
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This offering may be made only by means of a prospectus supplement and accompanying base prospectus.