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Enbridge Energy Partners Issues New Stock Offering

Houston-based Enbridge Energy Partners says it will issue several million new shares of common stock at thirty dollars each. Andrew Schneider reports.

The Houston petroleum company says it plans to use the money from the offering to repay some of its debt, as well as to pay for a portion of its capital expansion projects. Company spokesperson Terri Larson.

“We’ve got several expansion projects that are currently underway. We are very active in the Bakken [Shale formation] up in North Dakota. We’re also expanding our east Texas gas system in the Haynesville Shale. We have a new gas plant in the Texas Panhandle on our Anadarko system, and we’re also looking at building some new tanks at our Cushing storage terminal in Cushing, Oklahoma.”

Enbridge says it plans to sell seven million shares initially and expects to get two-hundred-three million dollars for the offering. In addition, it’s giving its underwriters an option to sell another one-point-oh-five million to cover over-allotments.

Andrew Schneider, KUHF News.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas delegations in the U.S. House and Senate, as well as the Texas governorship, the state legislature, and county and city governments. Before taking up his current post, Andrew...

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