Enbridge Energy Reports Intentions for IPO of Natural Gas, NGL Midstream Master Ltd. Partnership - Shares Nudge Higher Late

By MidnightTrader.com Staff,

Shutterstock photo

Enbridge Energy Partners L.P. ( EEP ) is up 0.1% at $29.23 after-hours as the company reports it expects in Q2 to file a registration statement on Form S-1 with respect to the initial public offering of Midcoast Energy Partners, L.P. (MEP), a proposed master limited partnership whose initial asset will consist of an approximate 40% stake in EEP's existing natural gas and NGL midstream business.

EEP will retain ownership of the general partner and all the incentive distribution rights in MEP. EEP expects that MEP will sell a minority of its total limited partner interests in the offering and raise gross equity proceeds of approximately $400 million - $500 million, which it will apply together with MEP borrowings, for its initial interest in the natural gas and NGL midstream business.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: EEP

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com