If approved, the midstream energy master limited partnership formed by Houston-based Spectra Energy Corp. (NYSE: SE), will be listed on the New York Stock Exchange under the symbol "SEP."
The company also is offering an additional 1.7 million common units for optional purchase by underwriters.
The company said a subsidiary of Spectra Energy will be the general partner of Spectra Energy Partners LP and, through its subsidiaries, Spectra Energy will own about an 82 percent interest in the partnership.
Martha Wyrsch will serve as chairman of the new venture, Greg Harper will serve as president, chief executive officer and director, and Lon Mitchell will serve as vice president and chief financial officer.
The partnership will own and operate natural gas transportation and storage assets consisting of interests in two interstate natural gas pipeline systems located in the southeastern United States, interests in two natural gas storage facilities in Texas and Louisiana and a LNG storage facility in Tennessee.
The facilities include a 100 percent interest in the East Tennessee Pipeline System, originating near Chattanooga, Tenn.; a 24.5 percent interest in the Gulfstream Pipeline System, originating near Mobile, Ala.; and a 50 percent interest in the Market Hub Storage System, located in Moss Bluff, Texas.
Citigroup Global Markets Inc. and Lehman Brothers Inc. will act as lead book-running managers of the offering.
