Spectra Energy Partners Announces Closing of Common Unit Offering
and Exercise of Over-Allotment Option
HOUSTON, Nov. 19, 2012 /PRNewswire/ -- Spectra Energy
Partners, LP (NYSE: SEP) (the "Partnership") announced today that
its previously announced public offering of 4,750,000 common units
priced at $27.60 per unit has
closed. In addition, the underwriters elected to exercise the
full over-allotment option of 712,500 common units, which are
expected to be delivered on November 21,
2012. The Partnership intends to use the net proceeds
from the offering for funding capital expenditures and
acquisitions. Pending such use, the net proceeds of this offering
will be held as cash or invested in short-term securities, or a
combination of both.
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Wells Fargo Securities, Citigroup, Deutsche Bank Securities, UBS
Investment Bank, and Credit Suisse acted as joint book running
managers for the offering. The offering is being made only by
means of a prospectus supplement and accompanying base
prospectus. A copy of the prospectus supplement and the
accompanying base prospectus for the offering may be obtained
from:
Wells Fargo Securities
Attn: Equity Syndicate Dept.
375 Park Avenue
New York, New York
10152
Telephone: 800-326-5897
Email: cmclientsupport@wellsfargo.com
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 800-831-9146
Deutsche Bank Securities
Attn.: Prospectus Group
60 Wall Street
New York, NY 10005-2836
Email: prospectus.CPDG@db.com
Telephone: 800-503-4611
UBS Investment Bank
Attn: Prospectus Department
299 Park Avenue
New York, New York 10171
Telephone: 888-827-7275
Credit Suisse
Prospectus Department
One Madison Avenue
New York, NY 10010-3629,
USA
Telephone: 1-800-221-1037
An electronic copy of the prospectus supplement and the
accompanying base prospectus is available from the Securities and
Exchange Commission's (SEC) Web site at http://www.sec.gov.
The common units were offered pursuant to an effective shelf
registration statement the Partnership previously filed with the
SEC.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Forward-Looking Statements
This document includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements are based on our beliefs and assumptions. These
forward-looking statements are identified by terms and phrases such
as: anticipate, believe, intend, estimate, expect, continue,
should, could, may, plan, project, predict, will, potential,
forecast, and similar expressions. Forward-looking statements
involve risks and uncertainties that may cause actual results to be
materially different from the results predicted. Factors that could
cause actual results to differ materially from those indicated in
any forward-looking statement include, but are not limited to:
state and federal legislative and regulatory initiatives that
affect cost and investment recovery, have an effect on rate
structure, and affect the speed at and degree to which competition
enters the natural gas industries; outcomes of litigation and
regulatory investigations, proceedings or inquiries; weather and
other natural phenomena, including the economic, operational and
other effects of hurricanes and storms; the timing and extent of
changes in interest rates; general economic conditions, including
the risk of a prolonged economic slowdown or decline, or the risk
of delay in a recovery, which can affect the long-term demand for
natural gas and related services; potential effects arising from
terrorist attacks and any consequential or other hostilities;
changes in environmental, safety and other laws and regulations;
results and costs of financing efforts, including the ability to
obtain financing on favorable terms, which can be affected by
various factors, including credit ratings and general market and
economic conditions; increases in the cost of goods and services
required to complete capital projects; growth in opportunities,
including the timing and success of efforts to develop domestic
pipeline, storage, gathering and other infrastructure projects and
the effects of competition; the performance of natural gas
transmission, storage and gathering facilities; the extent of
success in connecting natural gas supplies to transmission and
gathering systems and in connecting to expanding gas markets; the
effect of accounting pronouncements issued periodically by
accounting standard-setting bodies; conditions of the capital
markets during the periods covered by the forward-looking
statements; and the ability to successfully complete merger,
acquisition or divestiture plans; regulatory or other limitations
imposed as a result of a merger, acquisition or divestiture; and
the success of the business following a merger, acquisition or
divestiture. These factors, as well as additional factors that
could affect our forward-looking statements, are described in our
filings that we make with the Securities and Exchange Commission
(SEC), which are available via the SEC's Web site at
www.sec.gov. In light of these risks, uncertainties and
assumptions, the events described in the forward-looking statements
might not occur or might occur to a different extent or at a
different time than we have described. All forward-looking
statements in this release are made as of the date hereof and we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Spectra Energy Partners, LP (NYSE: SEP) is a Houston-based master limited partnership,
formed by Spectra Energy Corp (NYSE: SE), that owns interests in
natural gas transportation and storage assets in the United States, including more than 3,500
miles of transmission and gathering pipelines and approximately 57
billion cubic feet (Bcf) of natural gas storage. These assets are
capable of transporting 4.5 Bcf of natural gas per day from growing
supply areas to high-demand markets.
SOURCE Spectra Energy Partners, LP