HOUSTON, April 4, 2016 /PRNewswire/ -- Spectra Energy
Corp (NYSE: SE) today announced that its public offering of 14
million shares of its common stock was priced at $30 per
share to the public. Barclays Capital Inc. is acting as the
sole underwriter for the offering. The company expects the delivery
of the shares to occur on April 8, 2016, subject to customary
closing conditions. In addition, Barclays Capital Inc. has a
25-day option to purchase up to 2.1 million additional shares of
the company's common stock.
Assuming no exercise of the option to purchase additional
shares, Spectra Energy expects to receive gross proceeds from the
offering of approximately $420
million (before the underwriting discount and other
estimated offering expenses payable by the company). Spectra
Energy expects to use the net proceeds from this offering to
purchase additional common units from Spectra Energy Partners, LP
(NYSE: SEP) in a private placement. Following that transaction,
Spectra Energy, which is the parent company of the general partner
of Spectra Energy Partners, will hold a 78 percent ownership
interest in Spectra Energy Partners.
The offering is being made only by means of a prospectus and
related prospectus supplement, copies of which may be obtained by
contacting Barclays Capital Inc. by mail at c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by e-mail at
Barclaysprospectus@broadridge.com or by telephone at (888)
603-5847.
An electronic copy of the preliminary prospectus supplement and
the accompanying prospectus are available from the Securities and
Exchange Commission's web site at www.sec.gov.
The shares are being offered pursuant to an effective shelf
registration statement that Spectra Energy previously filed with
the Securities and Exchange Commission. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdictions.
About Spectra Energy
Spectra Energy Corp (NYSE: SE),
a FORTUNE 500 company, is one of North
America's leading pipeline and midstream companies. Based in
Houston, Texas, the company's
operations in the United States
and Canada include more than
21,000 miles of natural gas, natural gas liquids, and crude oil
pipelines; approximately 300 billion cubic feet (Bcf) of natural
gas storage; 4.8 million barrels of crude oil storage; as well as
natural gas gathering, processing, and local distribution
operations. Spectra Energy is the general partner of Spectra Energy
Partners (NYSE: SEP), one of the largest pipeline master limited
partnerships in the United States
and owner of the natural gas and crude oil assets in Spectra
Energy's U.S. portfolio. Spectra Energy also has a 50 percent
ownership in DCP Midstream, the largest producer of natural gas
liquids and the largest natural gas processor in the United States. Spectra Energy has served
North American customers and communities for more than a
century.
Forward-Looking Statements
This release includes
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements represent our
intentions, plans, expectations, assumptions and beliefs about
future events. These forward-looking statements are identified by
terms and phrases such as: anticipate, believe, intend, estimate,
expect, continue, should, could, may, plan, project, predict, will,
potential, forecast, and similar expressions. Forward-looking
statements are subject to risks, uncertainties and other factors,
many of which are outside our control and could cause actual
results to differ materially from the results expressed or implied
by those forward-looking statements. Factors used to develop these
forward-looking statements and that could cause actual results to
differ materially from those indicated in any forward-looking
statement include, but are not limited to: state, provincial,
federal and foreign legislative and regulatory initiatives that
affect cost and investment recovery, have an effect on rate
structure, and affect the speed at and degree to which competition
enters the natural gas and oil industries; outcomes of litigation
and regulatory investigations, proceedings or inquiries; weather
and other natural phenomena, including the economic, operational
and other effects of hurricanes and storms; the timing and extent
of changes in commodity prices, interest rates and foreign currency
exchange rates; general economic conditions, including the risk of
a prolonged economic slowdown or decline, or the risk of delay in a
recovery, which can affect the long-term demand for natural gas and
oil and related services; potential effects arising from terrorist
attacks and any consequential or other hostilities; changes in
environmental, safety and other laws and regulations; the
development of alternative energy resources; results and costs of
financing efforts, including the ability to obtain financing on
favorable terms, which can be affected by various factors,
including credit ratings and general market and economic
conditions; increases in the cost of goods and services required to
complete capital projects; declines in the market prices of equity
and debt securities and resulting funding requirements for defined
benefit pension plans; growth in opportunities, including the
timing and success of efforts to develop United States and Canadian pipeline, storage,
gathering, processing and other related infrastructure projects and
the effects of competition; the performance of natural gas and oil
transmission and storage, distribution, and gathering and
processing facilities; the extent of success in connecting natural
gas and oil supplies to gathering, processing and transmission
systems and in connecting to expanding gas and oil markets; the
effects of accounting pronouncements issued periodically by
accounting standard-setting bodies; conditions of the capital
markets during the periods covered by forward-looking statements;
the ability to successfully complete merger, acquisition or
divestiture plans; regulatory or other limitations imposed as a
result of a merger, acquisition or divestiture; and the success of
the business following a merger, acquisition or divestiture.
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SOURCE Spectra Energy Corp