260  0 Kommentare Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

HOUSTON, TEXAS and CALGARY, ALBERTA--(Marketwired - June 18, 2014) - Enbridge Energy Partners, L.P. (NYSE:EEP) (the "Partnership") and Enbridge Inc. (TSX:ENB)(NYSE:ENB) ("Enbridge") announced today an agreement to undertake a restructuring of the Partnership's equity under which its general partner will permanently waive its existing incentive distribution rights in exchange for Class D units and new incentive distribution units. This restructuring will decrease the general partner's share of incremental cash distributions from 48 percent of all distributions in excess of $0.495 per unit per quarter down to 23 percent of all distributions in excess of the Partnership's current quarterly distribution of $0.5435 per unit per quarter. As a result, the share of incremental cash available for distribution to holders of Class A common units will increase correspondingly. The restructuring will be effective July 1, 2014 and will apply to all distributions declared subsequent to that date.

"The Partnership's Liquids Pipelines capital expansion program currently underway is expected to generate significant low risk cash flow growth over the coming years. This Equity Restructuring will enhance the economics of the Partnership's investment projects and increase cash flow available for distribution to holders of Class A common units from the existing capital projects as well as from future growth projects," said Mark Maki, President for the Partnership.

Commenting on the restructuring transaction, Al Monaco, Enbridge's President and Chief Executive Officer noted: "Enbridge and the Partnership are in the midst of executing the most significant organic capital growth program in our history. At the same time, one of Enbridge's strategic priorities is to re-establish the Partnership as a strong sponsored vehicle and an effective source of funding for its own growth and for future drop downs; much the same as the role Enbridge Income Fund plays with the Enbridge group today. This restructuring of the incentive distribution rights builds upon other initiatives undertaken including our preferred unit investment in EEP and the formation of Midcoast Energy Partners, L.P. in 2013. The Equity Restructuring is expected to benefit Enbridge shareholders by improving the Partnership's cost of capital and growth outlook, thus increasing the incentive distributions to the general partner of the Partnership over time."