Duke Energy Income Fund

Duke Energy Income Fund

January 13, 2006 09:32 ET

Duke Energy Income Fund Closes Over-Allotment Option

CALGARY, ALBERTA--(CCNMatthews - Jan. 13, 2006) -


Duke Energy Income Fund (the "Fund") (TSX:DET.UN) announced today that the Fund has issued an additional 1.4 million trust units pursuant to the exercise of the over-allotment option granted to the underwriters in connection with the Fund's initial public offering. The additional trust units were purchased by the underwriters at a price of $10 per trust unit for gross proceeds of $14 million.

Following the exercise of the over-allotment option there are 15.4 million trust units of the Fund issued and outstanding. The Fund holds an approximate 42.41 percent interest in Duke Energy Facilities LP, which indirectly owns the midstream natural gas business of Duke Energy Midstream. Duke Energy Corporation ("Duke Energy") indirectly retains an approximate 57.59 percent interest in Duke Energy Facilities LP.

The underwriting syndicate was co-led by CIBC World Markets Inc. and Scotia Capital Inc. and includes BMO Nesbitt Burns Inc., TD Securities Inc., Canaccord Capital Corporation and Clarus Securities Inc.

Duke Energy Midstream is one of the leading independent midstream operators in the Western Canadian Sedimentary Basin. It owns interests in nine natural gas processing plants, seven of which process sour gas, and over 1,400 kilometres of natural gas gathering pipelines located throughout natural gas prone areas of the western extent of the western Canadian Sedimentary Basin. These facilities are grouped into four geographically distinct operating areas:

- the Peace River Arch region in northwestern Alberta,

- the Nevis region in central Alberta,

- the Pesh Complex region in northeastern British Columbia and

- the Brazeau River region in the Alberta foothills.

Duke Energy Gas Transmission is a North American leader in developing natural gas energy infrastructure, connecting major natural gas supply sources to growing markets. Based in Houston, Texas, the company's assets and operations include more than 17,500 miles of transmission pipeline and 250 billion cubic feet of storage capacity in Canada and the United States along with significant gathering, processing, distribution and natural gas liquids operations that are among the largest in Canada. More information on DEGT can be found at: http://www.degt.duke-energy.com.

Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province or other jurisdiction. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements under United States securities laws.

This press release may contain certain comments or forward-looking statements that are based largely upon the Fund's current expectations and are subject to certain risks, trends and uncertainties. These factors could cause actual future performance to vary materially from current expectations.

Contact Information

  • Duke Energy Income Fund
    Bob Bissett
    (403) 705-2008 or (704) 382-8333 (24-Hour)