Enbridge Energy Partners LP (NYSE: EEP) announced June 19 its entry into a purchase and sale agreement with Midcoast Energy Partners LP (NYSE: MEP), under which it will sell an additional 12.6% interest in its subsidiary, Midcoast Operating LP, for $350 million in cash.
Enbridge Partners, based in Houston, expects to use the proceeds from the dropdown as a source of equity capital for its liquids pipelines growth program.
The expected close date is on or about July 1. At closing, Enbridge Partners will own a 48.4% limited partner interest in Houston-based Midcoast Operating.
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