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Spectra to acquire 9.1 million Spectra Energy Partners common units in a private placement

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Spectra to acquire 9.1 million Spectra Energy Partners common units in a private placement

Spectra EnergyCorp, in an agreement with SpectraEnergy Partners LP, will acquire in a private placement about 9.1 millioncommon units representing limited partner interests in the partnership, at $45.96per unit, according to an April 4 joint news release.

Upon the completion of the initial private placement, SpectraEnergy Partners will have about 296 million common units outstanding and SpectraEnergy Corp will hold 78% ownership interest in the partnership.

Spectra expects to use the net proceeds from its recently announcedpublic offering of 14,000,000shares of common stock to fund its purchase of the partnership's common units. Spectra'soffering has been priced at $30 per share, according to the company's separate releaseApril 4.

Should Barclays Capital Inc., the sole underwriter for SpectraEnergy Corp's public offering, exercise its option to purchase up to 2,100,000 additionalshares of the company's common stock, then Spectra will purchase an additional 1,400,000of the partnership's common units.

Without the exercise of the overallotment option, Spectra expectsto receive gross proceeds of about $420 million from the offering.

The company expects the delivery of shares from the offeringto occur April 8, subject to customary closing conditions.