SPECTRA ENERGY PARTNERS, LP (NYSE:SEP) Files An 8-K Other Events
Item8.01 Other Events
On June 2, 2017, Spectra Energy Partners, LP (the Partnership)
entered into an Underwriting Agreement (the Underwriting
Agreement) with Merrill Lynch, Pierce, Fenner Smith Incorporated
relating to the public offering of $400 million aggregate
principal amount of the Partnerships floating rate senior notes
due 2020 (the Notes) at a price to the public of 100% of the face
amount of the Notes.
The offering of the Notes is expected to close on June 7, 2017.
Net proceeds from the offering will be used to repay a portion of
the Partnerships term loan credit facility borrowings that are
outstanding, for general partnership purposes or any combination
of such purposes. The offering was made to the Partnerships shelf
registration statement on Form S-3 (File No. 333-197967), which
became effective on August 8, 2014.
The Underwriting Agreement contains customary representations,
warranties and agreements of the Partnership and certain
affiliates, and customary conditions to closing, indemnification
rights and termination provisions. The foregoing description of
the Underwriting Agreement does not purport to be complete and is
qualified in its entirety by reference to the full text of the
Underwriting Agreement, which is filed as Exhibit 1.1 hereto and
incorporated by reference herein. A legal opinion and computation
of the ratio of earnings to fixed charges of the Partnership for
the three-month period ended March 31, 2017 are filed herewith as
Exhibit 5.1 and Exhibit 12.1, respectively.
Item 9.01 Financial Statements and Exhibits
| (d) | Exhibits. |
| 1.1 |
Underwriting Agreement, dated June 2, 2017, by and among Spectra Energy Partners, LP, Spectra Energy Partners GP, LLC, Spectra Energy Partners (DE) GP, LP, and Merrill Lynch, Pierce, Fenner Smith Incorporated. |
| 5.1 | Opinion of Gibson, Dunn Crutcher LLP. |
| 12.1 | Computation of Ratio of Earnings to Fixed Charges. |
| 23.1 |
Consent of Gibson, Dunn Crutcher LLP (included in Exhibit 5.1). |
About SPECTRA ENERGY PARTNERS, LP (NYSE:SEP)
Spectra Energy Partners, L.P., through its subsidiaries and equity affiliates, is engaged in the transmission, storage and gathering of natural gas, the transportation and storage of crude oil, and the transportation of natural gas liquids (NGLs). The Company’s segments include U.S. Transmission, Liquids and Other. The U.S. Transmission business primarily provides transmission, storage, and gathering of natural gas for customers in various regions of the northeastern and southeastern United States. The U.S. Transmission segment also processes natural gas on its Texas Eastern system. The Liquids business provides transportation and storage of crude oil for customers in central United States and Canada. The Company has over 15,000 miles of transmission and transportation pipelines, and the storage of natural gas in underground facilities with aggregate working gas storage capacity of approximately 170 billion cubic feet (Bcf) in the United States and Canada.
