NEW YORK - Enbridge Energy Partners, L.P. (NYSE: EEP) announced on June 28 that it has priced an underwritten public offering of seven million of its Class A Common Units at a price to the public of $30 per unit, a 2.9 percent discount to the $30.89 at which units closed on June 27. The offering is expected to close on July 1.
Enbridge Partners granted the underwriters a 30-day option to purchase up to an additional 1.05 Million Class A Common Units to cover any over-allotments.
The partnership expects net proceeds from the offering will be approximately $203 million. The partnership will use the net proceeds from the offering, including the proceeds from any exercise of the overallotment option, to repay a portion of its outstanding commercial paper, to repay any credit facility borrowings that are outstanding, to fund a portion of its capital expansion projects, or any combination of such purposes. The operator of crude oil and natural gas transportation systems has 252.8 million units outstanding.