HOUSTON, TX–(Marketwired – Oct 6, 2015) – Enbridge Energy Partners, L.P. (NYSE: EEP) (“Enbridge Partners”) today announced that it has closed a public offering of $1.6 billion of senior unsecured notes, comprised of $500 million aggregate principal amount of its notes due October 15, 2020 (the “2020 notes”), $500 million aggregate principal amount of its notes due October 15, 2025 (the “2025 notes”) and $600 million aggregate principal amount of its notes due October 15, 2045 (the “2045 notes”), for net proceeds of approximately $1.575 billion after deducting underwriting discounts and commissions and estimated offering expenses.
Enbridge Partners intends to use the net proceeds from this offering to repay a portion of its outstanding commercial paper, to repay any credit facility borrowings that are outstanding, to fund a portion of its capital expansion projects, to fund the costs associated with unwinding certain interest hedging arrangements and for general partnership purposes or any combination of such purposes. Some or all of the net proceeds of this offering may be invested temporarily in short-term investment grade securities pending their use for such purposes.
The 2020 notes were issued at 99.464 percent of their principal amount and have a fixed-rate interest coupon of 4.375 percent. The 2025 notes were issued at 99.654 percent of their principal amount and have a fixed-rate interest coupon of 5.875 percent. The 2045 notes were issued at 98.665 percent of their principal amount and have a fixed-rate interest coupon of 7.375 percent. The settlement date for the offering was October 6, 2015.
Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Mizuho Securities USA Inc., DNB Markets, Inc., Mitsubishi UFJ Securities (USA), Inc., SMBC Nikko Securities America, Inc., Barclays Capital Inc., Wells Fargo Securities, LLC, and Credit Agricole Securities (USA) Inc. acted as joint book-running managers for the offering. An investor may obtain a free copy of the prospectus supplement and the accompanying base prospectus by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer or any underwriter or dealer that participated in this offering will arrange to send a prospectus supplement and the accompanying base prospectus to an investor if requested by contacting Deutsche Bank Securities Inc. at (800) 503-4611, BNP Paribas Securities Corp. at (800) 854-5674, Citigroup Global Markets at (800) 831-9146, or Morgan Stanley & Co. LLC at (866) 718-7649.
The offering was made pursuant to an effective shelf registration statement and prospectus filed by Enbridge Partners with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the 2020 notes, the 2025 notes or the 2045 notes described herein, nor shall there be any sale of the 2020 notes, the 2025 notes or the 2045 notes 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.
About Enbridge Energy Partners, L.P.
Enbridge Partners owns and operates a diversified portfolio of crude oil and, through its interests in Midcoast Operating, L.P., natural gas transportation systems in the United States. Its principal crude oil system is the largest pipeline transporter of growing oil production from western Canada and the North Dakota Bakken formation. The system’s deliveries to refining centers and connected carriers in the United States account for approximately 17 percent of total U.S. oil imports. Midcoast Partners’ natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast areas, deliver approximately 2.2 billion cubic feet of natural gas daily. Enbridge Partners is recognized by Forbes as one of the 100 Most Trustworthy Companies in America.