Duke Energy Income Fund

Duke Energy Income Fund

November 04, 2005 11:03 ET

Duke Energy Income Fund Files Preliminary Prospectus for Initial Public Offering

CALGARY, ALBERTA--(CCNMatthews - Nov. 4, 2005) -

NOT FOR DISSEMINATION IN THE U.S. OR OVER U.S. WIRE SERVICES

Duke Energy Income Fund (the "Fund") announced today that a preliminary prospectus has been filed with securities regulatory authorities in all of the provinces of Canada for an initial public offering of trust units of the Fund. The Fund has been established to indirectly acquire all of the outstanding common shares of Duke Energy Midstream Services Canada Corporation ("Duke Energy Midstream") from a subsidiary of Duke Energy Corporation ("Duke Energy"). Duke Energy will retain an interest in the Fund.

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.

The underwriting syndicate is being 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 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: 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 Corp.
    Sarah McCullough
    (604) 488-8095 or (704) 382-8333 (24 Hour)
    www.duke-energy.com