Enbridge Energy Partners Announces $125 Million Sale of Class A
Common Units
HOUSTON, Feb. 10 /PRNewswire-FirstCall/ -- Enbridge Energy Partners, L.P. (NYSE:EEP) ("Enbridge Partners" or the "Partnership") today announced that it
has agreed to sell approximately $125 million of Class A Common Units directly
to a group of investors. The sale comprises 2,506,500 units at a price of
$49.875 per unit and is scheduled to close on February 11, 2005.
The investor group consists of Kayne Anderson MLP Investment Company, Tortoise
Energy Infrastructure Corporation and Fiduciary/Claymore MLP Opportunity Fund.
Under terms of a lock-up provision contained in the purchase agreement, the
purchasers are precluded from selling units purchased in this transaction for a
period of three months following the closing date.
Enbridge Partners intends to use the net proceeds from this sale to repay
indebtedness under its revolving credit facility. The debt was incurred to
fund enhancements to crude oil and natural gas pipeline systems and recent
acquisitions, including a $165-million purchase of natural gas assets in North
Texas that closed in January.
A prospectus supplement for this sale has been filed with the U.S. Securities
and Exchange Commission and may be obtained from the SEC website
(http://www.sec.gov/ ) or from the Enbridge Partners website. This news
release does not constitute an offer to sell or a solicitation of an offer to
buy the limited partnership interests described herein.
Enbridge Partners (http://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. (NYSE:EEQ) (http://www.enbridgemanagement.com/ ) manages the business and
affairs of the Partnership, and its sole asset is an approximate 17% interest
in the Partnership, after giving effect to the above-noted transaction.
Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge
Inc. (NYSE:ENB) Toronto (http://www.enbridge.com/ ) of Calgary, Alberta, is the
General Partner of Enbridge Partners and holds an approximate 11% effective
interest in the Partnership, after giving effect to the above- noted
transaction. Enbridge Inc.'s common shares are traded on the Toronto Stock
Exchange and on the New York Stock Exchange under the symbol "ENB". DATASOURCE: Enbridge Energy Partners, L.P.
CONTACT: investor relations, Tracy Barker, +1-866-EEP-INFO, or +1-866-337-4636, or , or media, Denise Hamsher, +1-713-821-2089, or , both of Enbridge Energy Partners, L.P.
Web site: http://www.sec.gov/ Web site: http://www.enbridgepartners.com/ http://www.enbridgemanagement.com/ http://www.enbridge.com/
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