Through an agreement with Spectra Energy Partners LP, Spectra Energy Corp. will acquire about 9.1 million common units representing limited partner interests in Spectra Energy Partners, the companies said April 4.
The units were priced at $45.96 each in a private placement, and Spectra will also purchase 1.4 million additional units if there will be a 25-day underwriter’s option.
Spectra Energy Partners, whose parent company is Spectra Energy Corp., will have about 296 million outstanding units when the private placement is completed. Spectra Energy Corp.’s ownership interest in Spectra Energy Partners after this transaction will be 78%.
Spectra also priced 14 million common shares at $30 each, for expected proceeds of about $420 million; these proceeds will finance this private placement transaction.
Spectra Energy Corp. is based in Houston.
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