HOUSTON, June 18 /CNW/ -- Maritimes & Northeast Pipeline, L.L.C.
(Maritimes) is commencing the solicitation of consents from holders of its
7.70 percent Senior Secured Bonds due 2019 (Bonds).
The consent solicitation is to amend certain provisions of the Indenture
governing the Bonds as described in a consent solicitation statement being
sent by Maritimes to all holders of the Bonds as of June 15, 2006, the record
date for the solicitation. Maritimes is seeking the consent to allow it to
undertake certain construction activities for its Phase IV mainline pipeline
system expansion without the need for receipt of a Ratings Affirmation from
debt rating agencies.
The amendment is conditioned on the receipt of consents from holders of a
majority in aggregate principal amount of the outstanding Bonds and other
The solicitation will expire at 5 p.m. EST, June 28, 2007, unless
extended. Subject to the conditions set forth in the consent solicitation
statement, Maritimes will pay a consent fee equal to 0.10 percent of the
principal amount of Bonds ($1 per $1,000 principal amount of Bonds) to each
holder that has delivered (and not revoked) a valid consent to the proposed
amendment at or before 5 p.m. EST, June 28, 2007. Payment of such consent fee
will be conditioned upon, and made following the satisfaction of the terms and
conditions contained in the Consent Solicitation Statement. For a complete
statement of the terms and conditions of the consent solicitation, holders of
Bonds should refer to the consent solicitation statement.
The solicitation agent in connection with the consent solicitation is
Credit Suisse Securities (USA) LLC (Credit Suisse). Questions regarding the
consent solicitation may be directed to Credit Suisse at 800-820-1653 (toll
free) or 212-538-0652 (collect). Global Bondholder Services Corporation is
serving as information agent and tabulation agent in connection with the
Requests for assistance in delivering consents or for additional copies
of the consent solicitation statement should be directed to the information
agent at 866-470-4300 (toll-free) or 212-430-3774 (collect).
This press release is not a solicitation of consents with respect to any
Bonds. This solicitation is being made solely by the consent solicitation
statement. Maritimes reserves the right to modify the consent solicitation
statement and the terms and condition of the consent solicitation or to
terminate the consent solicitation.
Maritimes & Northeast Pipeline, L.L.C. is owned by affiliates of Spectra
Energy (NYSE: SE) (77.53 percent), Emera Inc. (TSX: EMA) (12.92 percent) and
Exxon Mobil Corporation (NYSE: XOM) (9.55 percent).
For further information:
For further information: Media, Steve Rankin of Maritimes & Northeast
Pipeline, L.L.C., +1-902-425-4293, or +1-713-627-4747 (24-hour media line);
Media, John Arensdorf of Spectra Energy, +1-713-627-4600 Web Site: