SOURCE: Midcoast Energy Partners, L.P.

Midcoast Energy Partners, L.P.

November 06, 2013 16:48 ET

Midcoast Energy Partners, L.P. Announces Pricing of Initial Public Offering of 18,500,000 Class A Common Units

HOUSTON, TX--(Marketwired - Nov 6, 2013) -  Midcoast Energy Partners, L.P. (NYSE: MEP) ("Midcoast Partners") announced today that it has priced its initial public offering of 18,500,000 Class A common units representing limited partner interests at $18 per common unit, pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission ("SEC"). Midcoast Partners has granted the underwriters a 30-day option to purchase from Midcoast Partners up to an additional 2,775,000 Class A common units at the initial public offering price. The Class A common units are expected to begin trading on November 7, 2013 on the New York Stock Exchange under the ticker symbol "MEP." This offering is expected to close on or about November 13, 2013, subject to customary closing conditions.

Upon conclusion of the offering, the public will own a 40 percent limited partner interest in Midcoast Partners, or a 46 percent limited partner interest if the underwriters exercise, in full, their option to purchase additional Class A common units. Enbridge Energy Partners, L.P. ("Enbridge Partners") (NYSE: EEP), through certain of its subsidiaries, will hold a 2 percent general partner interest and the remaining limited partner interest in Midcoast Partners.

BofA Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan, Morgan Stanley, Wells Fargo Securities and UBS Investment Bank are acting as joint book-running managers for the initial public offering. RBS, SMBC Nikko and Ladenburg Thalmann & Co. Inc. are acting as co-managers for the initial public offering. The offering of these securities will be made only by means of a prospectus. When available, a written prospectus that meets the requirements of Section 10 of the Securities Act of 1933 may be obtained from:

BofA Merrill Lynch
Attn: Prospectus Department
222 Broadway
New York, NY 10038
Email: dg.prospectus_requests@baml.com

Barclays
Attn: Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: (888) 603-5847
Email: barclaysprospectus@broadridge.com

Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: (800) 831-9146
Email: batprospectusdept@citi.com

Credit Suisse
Attn: Prospectus Department
One Madison Avenue
New York, NY 10010
Tel: (800) 221-1037
Email: newyork.prospectus@credit-suisse.com 

Deutsche Bank Securities Inc.
Attn: Prospectus Department
60 Wall Street 
New York, NY 10005 
Tel: (800) 503-4611 
Email: prospectus.CPDG@db.com

Goldman, Sachs & Co.
Attn: Prospectus Department
200 West Street
New York, NY 10282
Tel: (866) 471-2526
Email: prospectus-ny@ny.email.gs.com

J.P. Morgan
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: (866) 803-9204

Morgan Stanley
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014

UBS Investment Bank
Attn: Prospectus Dept.
299 Park Avenue
New York, NY 10171
Tel: (888) 827-7275

Wells Fargo Securities
Attn: Equity Syndicate Department
375 Park Avenue
New York, NY 10152
Tel: (800) 326-5897
Email: cmclientsupport@wellsfargo.com

A registration statement relating to these securities has been filed with and declared effective by the U.S. Securities and Exchange Commission (SEC). The registration statement may be obtained free of charge from the SEC's website at www.sec.gov under the registrant's name, "Midcoast Energy Partners, L.P." This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Midcoast Energy Partners, L.P.

Midcoast Energy Partners, L.P., an Enbridge company, is a limited partnership formed by Enbridge Energy Partners, L.P. (NYSE: EEP) to serve as Enbridge Partners' primary vehicle for owning and growing its natural gas and natural gas liquids (NGLs) midstream business in the U.S. Our initial assets consist of a 39 percent controlling interest in Midcoast Operating, L.P., a Texas limited partnership that owns a network of natural gas and NGL gathering and transportation systems, natural gas processing and treating facilities and NGL fractionation facilities primarily located in Texas and Oklahoma. Midcoast Operating also owns and operates natural gas, condensate and NGL logistics and marketing assets that primarily support its gathering, processing and transportation business. Through our ownership of Midcoast Operating's general partner, we control, manage and operate these systems.

Forward Looking Statements

This news release includes forward-looking statements and projections, which are statements that do not relate strictly to historical or current facts. These statements frequently use the following words, variations thereon or comparable terminology: "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "projection," "should," "strategy," "will" and similar words. Although we believe that such forward looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and Enbridge Partners' other filings with the SEC. Midcoast Partners undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:

    Sanjay Lad
    Investment Community
    (866) EEP INFO or (866) 337-4636
    E-mail: Email Contact

    Terri Larson, APR
    Media
    (877) 496-8142
    E-mail: Email Contact