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December 6, 2012
16:48 EDTEEPEnbridge Energy to invest $3.4B in light oil market access program
Enbridge Energy Partners announced its plans to invest in a Light Oil Market Access Program to expand access to markets for growing volumes of North Dakota and western Canada light oil production. The overall Program includes a number of individual projects, some of which will be jointly funded by the Partnership and Enbridge, and certain projects that will be funded entirely by the Partnership. Enbridge Partners' investment in the Program is expected to be approximately $3.4B. The joint funding arrangements between the Partnership and Enbridge provide Enbridge Partners with options to increase or decrease its investment in certain projects to match its funding capability.
News For EEP From The Last 14 Days
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September 30, 2014
06:42 EDTEEPEnbridge Energy discloses in-service data for Sandpiper project delayed to 2017
Enbridge Energy previously stated that the estimated target in-service date for Sandpiper pipeline project would be in early 2016. The company now estimates that the in-service date for the Sandpiper pipeline project will occur during 2017. The delay is a result of a longer than expected permitting process in the State of Minnesota.
September 18, 2014
12:28 EDTEEPEnbridge Energy drop down from Enbridge a net postive, says Wells Fargo
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September 17, 2014
08:12 EDTEEPEnbridge Energy receives $900M drop down proposal from Enbridge
Enbridge Energy Partners (EEP) has received a proposal initiated by Enbridge (ENB) through Enbridge Energy Company, EEP's general partner, under which Enbridge would drop down its 66.7% interest in the U.S. segment of the Alberta Clipper Pipeline to EEP for aggregate consideration of approximately $900M. The proposed consideration includes cash of approximately $300M, plus approximately $600M of a new Class E limited partner equity units to be issued to Enbridge by EEP. The proposed terms would not require EEP to issue any equity in the public market. The board of Enbridge Energy Management, the delegate of Enbridge, has appointed a special committee comprised of independent directors to review the proposal. Its acceptance is subject to the review and favorable recommendation by the special committee and final approval by the board. The drop down transaction is targeted to close by the end of 2014. The proposed contribution value corresponds to an approximate 11 times multiple of expected 2015 EBITDA. Alberta Clipper earns a stable cost of service return, which is not subject to variations in throughput or operating costs. EEP estimates that the proposed drop down is expected to be immediately accretive to distributable cash flow per unit by approximately 3%.
08:02 EDTEEPEnbridge proposes to transfer $900M asset to Enbridge Energy
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