Finance & Investing | Capital Markets
Enbridge to Invest $1.2B in Enbridge Energy Partners
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Enbridge Inc. and Enbridge Energy Partners LP have entered into an agreement whereby Enbridge will invest $1.2 billion in preferred units issued by EEP, and which is expected to close on May 8, 2013.
Additionally, EEP expects to exercise its options to pare down its economic interests in the Lakehead system expansions of both the Eastern Access and Mainline Expansion projects from 40 percent to 25 percent, by the June 30, 2013 deadline. The Partnership retains the option to increase its participation in either project back up to 40 percent for a period lasting until one year after the in-service date of each. Collectively, the preferred unit issuance and option exercise would reduce the amount of near term third party financing required by EEP to fund its current organic growth program by…
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