HOUSTON, TX, June 18 /CNW/ -- Spectra Energy Partners, LP has commenced
an initial public offering of 10,000,000 of its common units representing
limited partner interests pursuant to a registration statement on Form S-1
previously filed with the Securities and Exchange Commission. The underwriters
will be granted a 30-day over-allotment option to purchase up to 1,500,000
additional common units. The common units will be listed on the NYSE and
traded under the symbol "SEP."
(Logo: http://www.newscom.com/cgi-bin/prnh/20061030/CLM051LOGO )
Spectra Energy Partners, LP is a Delaware limited partnership recently
formed by Spectra Energy Corp to own and operate natural gas transportation
and storage assets.
The common units offered to the public will represent approximately
14.8 percent of the outstanding equity of Spectra Energy Partners, or
approximately 17 percent if the underwriters exercise in full their
over-allotment option. Spectra Energy Corp will indirectly own the remaining
equity interests in Spectra Energy Partners.
Citi and Lehman Brothers Inc. are acting as the joint book-running
managers of the offering. Merrill Lynch & Co., UBS Securities LLC, Wachovia
Capital Markets, LLC, A.G. Edwards & Sons, Inc., and Raymond James &
Associates, Inc. will act as co-managers.
This offering of common units will be made only by means of a prospectus.
A written prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, when available, may be obtained from the offices of: Citigroup
Global Markets Inc., Brooklyn Army Terminal, Attn: Prospectus Delivery
Department, 140 58th Street, Brooklyn, N.Y. 11220; or Lehman Brothers Inc.,
c/o Broadridge Financial Services, Inc., 1155 Long Island Avenue, Edgewood,
N.Y. 11717 (Email: Qiana.Smith@Broadridge.com) or by fax (631) 254-7268.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer, sale
or solicitation would be unlawful prior to registration or qualification under
the securities law in any such state.
Spectra Energy Corp (NYSE: SE) is one of North America's premier pure
play natural gas midstream companies serving three key links in the natural
gas value chain: gathering and processing, transmission and storage and
distribution. Based in Houston, Texas, the company operates in the United
States and Canada approximately 17,500 miles of transmission pipeline,
265 billion cubic feet of storage, natural gas gathering and processing,
natural gas liquids operations and local distribution assets. Spectra Energy
Corp also has a 50 percent ownership in DCP Midstream, one of the largest
natural gas gatherers and processors in the United States. Visit
http://www.spectraenergy.com for more information.
Statements about the proposed offering are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements rely on a number of assumptions concerning
future events and are subject to a number of uncertainties and factors, many
of which are outside Spectra Energy's control, and a variety of risks that
could cause results to differ materially from those expected by management of
Spectra Energy or Spectra Energy Partners.
For further information:
For further information: Media: Molly Boyd, +1-713-627-5923, or 24-hour
media line, +1-713-627-4747; Analysts: John Arensdorf, +1-713-627-4600, both
of Spectra Energy Web Site: http://www.spectraenergy.com/