CANADA - Enbridge Energy Partners has sold 5.4 million Class C units worth nearly C$250m to CDP Infrastructures Fund, a subsidiary of the C$122bn Caisse de dépôt et placement du Québec.
Enbridge Partners also sold 5.4 million Class C Units to Enbridge Energy Company, its general partner.
Enbridge Partners said net proceeds from the Class C Unit private placement, including expenses associated with the sale, were around $500m.
Until August 15, 2009, the holders of Class C Units will receive quarterly distributions of additional Class C Units with a value equal to the quarterly cash distributions paid to the holders of Class A Common Units, the firm said, and added that the value of the additional Class C Units would be based on the market value of the Class A Common Units.
After 15 August, 2009, the holders of Class C Units would receive quarterly cash distributions equal to those paid to the holders of Class A Common Units, the firm said.
After that dat, the Class C Units would also convert into Class A Common Units on a one-for-one basis upon the receipt of approval of the holders of outstanding units in accordance with the then-existing requirements of the principal national securities exchange on which the Class A Common Units are listed.
But the firm stressed the announcement of the sale did not constitute an offer to sell or a solicitation of an offer to buy the limited partner interests: The limited partner interests have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
By Damian Clarkson
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.
It is perhaps inherently difficult to find an agreed definition of value for money, but some methodologies could act as a stopgap, argues Jonathan Stapleton.