HOUSTON, Dec. 18, 2006 (PRIME NEWSWIRE) -- Enbridge Energy Partners, L.P. (NYSE:EEP) (the "Partnership") announced that today it priced an offering of $300 million principal amount of 5.875% Notes due 2016 at an offering price of $99.912 (per $100 of principal) to yield 5.887%. The Notes have been assigned ratings of BBB (stable outlook) by Standard & Poor's and Dominion Bond Rating Service and Baa2 (negative outlook) by Moody's.
The Partnership intends to use the net proceeds of approximately $297.6 million to repay a portion of outstanding commercial paper that it issued to finance a portion of its current capital expansion projects. The offering is scheduled to close on December 21, 2006.
Wachovia Capital Markets, LLC and HSBC Securities (USA) Inc. acted as joint book-running lead managers of the offering. In addition, ABN AMRO Incorporated; Banc of America Securities LLC; Citigroup Global Markets Inc.; Deutsche Bank Securities Inc.; Lazard Capital Markets LLC; SunTrust Capital Markets, Inc.; and UBS Securities LLC acted as co-managers of the offering. When available, copies of the final prospectus supplement and related prospectus for this offering may be obtained from: Wachovia Capital Markets LLC, One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, Telephone 1-866-289-1262; or HSBC Securities (USA) Inc., HSBC Tower 10, 452 5th Avenue, New York, New York 10018, Telephone 1-866-811-8049.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the notes described herein, nor shall there be any sale of these 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. The offering may be made only by means of a prospectus and related prospectus supplement.
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) 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. (www.enbridgemanagement.com) (NYSE:EEQ) manages the business and affairs of the Partnership and its principal asset is an approximate 16% interest in the Partnership. Enbridge Inc. (www.enbridge.com), through an indirect wholly owned subsidiary, is the General Partner and holds an approximate 17% effective interest in the Partnership.