ENBRIDGE ENERGY PARTNERS, L.P. (NYSE:EEP) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01 Completion of Acquisition or Disposition of Assets.
Purchase and Sale Agreement
On June 28, 2017, Enbridge Energy Partners, L.P. (the “Partnership”) consummated the previously announced sale of its ownership interests in the Midcoast Energy Partners, L.P. (“MEP”) gas gathering and processing business to Enbridge Energy Company, Inc. (“EECI”) to that certain Purchase and Sale Agreement, dated as of April 27, 2017 (the “PSA”). In accordance with the PSA, the Partnership sold its 48.4% limited partner interest in Midcoast Operating, L.P., its 51.9% limited partner interest in MEP and its 50% membership interest in Midcoast Holdings, L.L.C., MEP’s general partner, to EECI in exchange for aggregate consideration of $2.263 billion, which includes cash consideration of $1.31 billion and outstanding indebtedness at MEP of $953 million. The sale occurred following the termination of the waiting period for U.S. antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction of the other customary closing conditions in the PSA. A portion of the cash proceeds received by the Partnership were used to repay to EECI the $357 million deferred distribution balance related to the Series 1 Preferred Units that were redeemed by the Partnership on April 27, 2017, as previously disclosed on the Partnership’s Form 8-K filed on May 3, 2017.
About ENBRIDGE ENERGY PARTNERS, L.P. (NYSE:EEP)
Enbridge Energy Partners, L.P. is a limited partnership that owns and operates crude oil and liquid petroleum transportation and storage assets, and natural gas gathering, treating, processing, transportation and marketing assets in the United States. The Company’s activities include interstate pipeline transportation and storage of crude oil and liquid petroleum, and gathering, treating, processing and transportation of natural gas and natural gas liquids (NGLs), through pipelines and related facilities, and supply, transportation and sales services, including purchasing and selling natural gas and NGLs. The Company operates in two business segments: Liquids and Natural Gas. The Liquids segment includes the operations of its Lakehead, Mid-Continent and North Dakota systems. The Natural Gas segment includes natural gas and NGL gathering and transportation pipeline systems, natural gas processing and treating facilities, condensate stabilizers and an NGL fractionation facility.
