HOUSTON, March 3, 2008 (PRIME NEWSWIRE) -- Enbridge Energy Partners, L.P. (NYSE:EEP) ("Enbridge Partners" or the "Partnership") announced that the underwriters of its equity offering that priced on February 27, 2008, have exercised their option to purchase an additional 600,000 Class A Common Units to cover over-allotments. The offering, including the over-allotment option, was priced at $49 per unit and closed today.
The Partnership will use the net proceeds of approximately $222 million from the offering to reduce outstanding commercial paper or credit facility borrowings incurred to finance a portion of the Partnership's capital expansion projects. Net proceeds include a contribution from the General Partner to maintain its 2 percent general partner interest.
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 Dept
140 58th Street, 180 Varick Street, 375 Park Avenue
8th Floor 2nd Floor
Brooklyn, NY 11220 New York, NY 10014 New York, NY 10152
Tel: (718) 765-6732 Tel: (866) 718-1649 Email: equity.syndicate
@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. Its principal asset is its interest in the Partnership, which is approximately 14 percent following the closing of the offering.
Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, is the general partner of Enbridge Partners. It holds an approximate 15 percent interest in Enbridge Partners following the closing of the 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 units representing limited partnership interests described herein, nor shall there be any sale of these units 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 supplement and accompanying base prospectus.