HOUSTON, Sept. 24, 2007 (PRIME NEWSWIRE) -- Enbridge Energy Partners L.P. (NYSE:EEP) (the "Partnership") today announced that it has priced $400 million of fixed/floating rate junior subordinated notes ("Notes") pursuant to a public offering. The Notes have a 60-year final maturity and feature a fixed-rate coupon of 8.05% for an initial 10-year period with an issue price of $99.822. After the initial 10-year period the Notes are callable at par. If they remain outstanding the Notes will bear interest at a floating rate. The partnership expects to settle the offering on September 27, 2007.
The Partnership intends to use the net proceeds of approximately $392.2 million from the Notes offering to replace interim financing related to its ongoing capital expansion program.
Merrill Lynch & Co., Lehman Brothers and Wachovia Capital Markets acted as joint book-running lead managers of the offering. In addition, Bank of America Securities, Citigroup Global Markets, Credit Suisse Securities, Deutsche Bank Securities and Morgan Stanley & Co. acted as co-managers of the offering. The final prospectus supplement and related prospectus are expected to be filed with the U.S. Securities and Exchange Commission today and will thereafter be available for download from the SEC's EDGAR service at www.sec.gov or from the Partnership's website. Alternatively and when available, printed copies of the document may be obtained from Merrill Lynch & Co., 4 World Financial Center, New York, New York 10080 or by fax at 1-866-500-5408 or from Lehman Brothers Inc., 745 Seventh Avenue New York, NY 10019 or by fax at 1-888-603-5847 or from Wachovia Customer Information Center, 1525 West W.T. Harris Blvd., NC0675, Attn: Syndicate Operations, Charlotte, North Carolina 28262 or by fax at 1-866-289-1262
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 14% interest in the Partnership. Enbridge Inc. (www.enbridge.com), through an indirect wholly owned subsidiary, is the General Partner and holds an approximate 15% interest in the Partnership.