Enbridge Inc. registered 192.4 million of its common stock worth $6.46 billion as the planned roll-up of its sponsored vehicles Spectra Energy Partners LP, Enbridge Energy Partners LP and Enbridge Energy Management LLC nears completion.
The company registered 91.0 million of its common shares, to be exchanged for all of Spectra's 81.9 million outstanding common units it does not already own at an exchange ratio of 1.111 Enbridge shares for each Spectra common unit, according to an Oct. 10 SEC filing.
Enbridge also registered 72.3 million shares for its stock deal with Enbridge Energy Partners, and 29.2 million shares for its acquisition of Enbridge Energy Management. Enbridge Energy Partners unit holders and Enbridge Energy Management shareholders are slated to receive 0.335 of an Enbridge share for each unit or share held.
Enbridge in August and September announced deals to buy out Spectra, Enbridge Energy Partners, Enbridge Energy Management and Enbridge Income Fund Holdings Inc. in an effort to simplify its corporate structure and lessen its vulnerability to "significant weakening" of capital markets for master limited partnerships.
In a separate news release, Enbridge Income Fund Holdings scheduled a special meeting on Nov. 6 in Calgary, Alberta, for shareholders to vote on the company's simplification deal with Enbridge. Shareholders of record as of Oct. 5 are entitled to vote during the meeting.
All of the deals are scheduled to close in the fourth quarter.