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SPECTRA ENERGY PARTNERS, LP filed this Form SC 13D/A on 11/30/2017




In addition, today Enbridge made a formal offer to Spectra Energy Partners, LP (NYSE:SEP) (SEP) to convert all of Enbridge’s incentive distribution rights (IDRs) and general partner (GP) economic interests in SEP into a fixed number of additional common units in SEP and a non-economic GP interest in SEP. Through this proposal, Enbridge seeks to highlight the value of its IDRs and GP economic interest in SEP, and reduce SEP’s cost of capital to support the sustainable long-term growth of the partnership. Enbridge would continue to act as SEP’s general partner. Enbridge expects the proposed transaction to be appropriately reviewed by SEP’s Board of Directors, including by a conflicts committee comprised of independent members of the SEP board. No assurance can be given that Enbridge and SEP will reach agreement on the proposed transaction.




Forward-looking information, or forward-looking statements, have been included in this news release to provide information about the Company and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: expected ACFFO or ACFFO per share; expected future dividends and dividend growth; expected debt to EBITA ratios; expected monetization of assets and future asset mix of the Company; completion of announced common equity issuances; future common equity and hybrid securities issuances; expected proceeds of the dividend reinvestment program; financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial resources; expected costs related to announced projects and projects under construction; expected in-service dates for announced projects and projects under construction; expected capital expenditures; expected impact on cash flows of the Company's commercially secured growth program; expected future growth and expansion opportunities; expectations regarding integration of Spectra Energy Corp (“Spectra”) and associated synergy capture; exchange of incentive distribution rights and units of SEP; impact of an exchange of incentive distribution rights of SEP on SEP’s cost of capital; the Company's scale, financial flexibility, growth program, future business prospects and performance; distribution payout policy and distributable cash flow growth; distribution growth and dividend payout expectation; and changes to Enbridge’s corporate structure.