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

By: MT Newswires
Posted: 6/11/2013 4:34:00 PM
Referenced Stocks: EEP

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.