HOUSTON, May 16, 2007 (PRIME NEWSWIRE) -- Enbridge Energy Partners, L.P. (NYSE:EEP) ("Enbridge Partners" or "the Partnership") announced today that it has priced a public offering of 5,300,000 of its Class A Common Units, which it expects to close on May 21, 2007. Enbridge Partners also granted to the underwriters of this offering a 30-day option to purchase up to an additional 795,000 Class A Common Units.
The Partnership will use the net proceeds from this offering to repay a portion of its outstanding commercial paper that was issued to finance a portion of its current capital expansion projects.
Lehman Brothers Inc. and UBS Investment Bank are acting as joint book-running managers and joint underwriters for the offering. A copy of the prospectus and prospectus supplement can be obtained from Lehman Brothers Inc., c/o Broadridge Financial Services, Inc. at 1155 Long Island Avenue, Edgewood, NY 11717 (Email: Qiana.Smith@Broadridge.com) or by fax 631-254-7268, or from UBS Securities LLC; 299 Park Avenue; Prospectus Department; New York, NY 10171, telephone 212-821-3000.
Enbridge Energy Partners, L.P. (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. (www.enbridgemanagement.com) (NYSE:EEQ) manages the business and affairs of the Partnership and its principal asset is an approximate 14.3 percent interest in the Partnership following the above noted offering.
Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, is the General Partner of Enbridge Partners and will hold an approximate 15.0 percent interest in Enbridge Partners following the above noted offering. Enbridge Inc. (www.enbridge.com) common shares are traded on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol "ENB."
This news release does not constitute an offer to sell or a solicitation of an offer to buy the units representing limited partnership interests described herein, nor shall there be any sale of these units in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.