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June 18, 2014
19:36 EDTEEP, ENBEnbridge Energy Partners to benefit from equity restructuring
Enbridge Energy Partners (EEP) and Enbridge (ENB) announced an agreement to undertake a restructuring of the partnership's equity under which its general partner will permanently waive its existing incentive distribution rights in exchange for Class D units and new incentive distribution units. This restructuring will decrease the general partner's share of incremental cash distributions from 48% of all distributions in excess of 49.5c per unit per quarter down to 23% of all distributions in excess of the partnership's current quarterly distribution of 54.35c per unit per quarter. As a result, the share of incremental cash available for distribution to holders of Class A common units will increase correspondingly. The restructuring will be effective July 1 and will apply to all distributions declared subsequent to that date.
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