Stock Will Trade Under the Symbol "SEP"
HOUSTON, June 26 /CNW/ -- Spectra Energy Partners, LP (NYSE: SEP) has
priced its initial public offering of 10 million units at $22.00 per unit.
The underwriters have been granted a 30-day over-allotment option to purchase
up to an additional 1,500,000 common units.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061030/CLM051LOGO )
Spectra Energy Partners, LP's common units will begin trading on
Wednesday on the New York Stock Exchange under the symbol "SEP."
The common units offered to the public will represent approximately 14.8
percent of the outstanding equity interests in Spectra Energy Partners, LP, or
approximately 17 percent if the underwriters exercise their over-allotment
option in full. Spectra Energy Corp (NYSE: SE) will indirectly own the
remaining equity interests in Spectra Energy Partners, LP, including common
units, subordinated units and a 2 percent general partner interest.
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. are acting as co-managers. A written prospectus meeting the
requirements of Section 10 of the Securities Act of 1933 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</B>Broadridge.com) or by
fax (631) 254-7140.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy these securities, 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. The offering may be made only by
means of a prospectus.
Spectra Energy Partners, LP, is a Delaware limited partnership formed by
Spectra Energy Corp to own interests in natural gas transportation and storage
assets in the United States. Spectra Energy Partners' assets include the East
Tennessee Natural Gas system, a 1,400-mile natural gas transportation pipeline
located in the Southeastern United States, and 24.5 percent of Gulfstream
Natural Gas System, L.L.C., which owns a 690-mile natural gas pipeline that
connects Mobile Bay to the central Florida peninsula through the Gulf of
Mexico. The combined systems are capable of transporting 2.4 billion cubic
feet (Bcf) of natural gas per day. Spectra Energy Partners also owns 50
percent of Market Hub Partners, a partnership that owns high deliverability
salt cavern storage assets capable of storing 35 Bcf of natural gas.
For further information:
For further information: Media & Analysts, Sean Blakley of Spectra
Energy Partners, LP, +1-713-627-4963 Web Site: http://www.spectraenergy.com/