Midstream - Storage | Deals - Acquisition, Mergers, Divestitures
Spectra to Drop Down Portfolio of U.S. Storage Assets
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Spectra Energy Corp. has reported its intention to drop down all of its remaining U.S. Transmission and Storage assets to Spectra Energy Partners by the end of the year, subject to market conditions.
Greg Ebel, President and CEO, Spectra Energy Corp., commented: "We fully expect this move to be a win for investors in both SE and SEP and it will give us a more robust MLP to advance our growth opportunities. By completing this drop-down, we expect to provide investors in Spectra Energy with higher dividend growth of approximately 12 cents a year versus our current commitment of 8 cents a year. Of equal importance, this transaction will provide Spectra Energy Partners' investors with higher distribution growth by increasing its quarterly distribution rate to a penny a quarter versus the…
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