Finance & Investing | Capital Markets
Spectra Announces $418 Million Private Placement
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Spectra Energy Corp and Spectra Energy Partners, LP announced their agreement for Spectra Energy Corp to acquire approximately 9.1 million common units representing limited partner interests in Spectra Energy Partners at a price of $45.96 per unit in a private placement.
In addition, Spectra Energy Corp will purchase up to an additional 1.4 million common units in the event that additional shares of its common stock are issued pursuant to the 25-day option granted to the underwriter in Spectra Energy Corp's public offering of common stock. Spectra Energy Corp is the parent company of the general partner of Spectra Energy Partners.
When the initial private placement is complete, Spectra Energy Partners will have approximately 296 million common units outstanding. The Spectra Energy Corp…
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