Get Stock Quote Here Spectra Energy Corp (SE) is a S&P 500 company headquartered in Houston, Texas, that operates in three key areas of the natural gas industry: transmission and storage, distribution, and gathering and processing. Spectra was formed in late 2006 from the spin-off from Duke Energy. Spectra owns the Texas Eastern Pipeline (TETCo), a major natural gas pipeline which brings gas from the Gulf of Mexico coast in Texas to theNew York City area. It is one of the largest pipeline systems in the United States. Spectra also operates three oil pipelines.
Spectra Energy (SE) to Acquire 9.1M Common Units of Spectra Energy Partners (SEP) Spectra Energy Corp (NYSE: SE) and Spectra Energy Partners, LP (NYSE: SEP) announced their agreement for Spectra Energy Corp to acquire approximately 9.1 million common units representing limited partner interests in Spectra Energy Partners at a price of $45.96 per unit in a private placement. In addition, Spectra Energy Corp will purchase up to an additional 1.4 million common units in the event that additional shares of its common stock are issued pursuant to the 25-day option granted to the underwriter in Spectra Energy Corp's public offering of common stock. Spectra Energy Corp is the parent company of the general partner of Spectra Energy Partners. When the initial private placement is complete, Spectra Energy Partners will have approximately 296 million common units outstanding. The Spectra Energy Corp ownership interest in Spectra Energy Partners after this transaction will be 78 percent. This transaction is being financed with the Spectra Energy common equity issuance announced earlier today. "The transactions we announced today demonstrate the flexibility and economic benefits associated with having strong and multiple financing options across the Spectra Energy group of companies. The proceeds from these transactions, and the pending sale of our Empress asset, enable us to further execute on our 2016-2018 capital expansion plan. In addition, these transactions allow us to continue to deliver on our DCF, dividend and distribution expectations as well as our DCF coverage levels at Spectra Energy and Spectra Energy Partners as we outlined to investors earlier this year," said Greg Ebel, chairman and CEO of Spectra Energy and Spectra Energy Partners. "Given the results already achieved from our financing activities this year and our current capital plan, our expectation is that we will not need additional Spectra Energy equity in 2016. Spectra Energy Partners' ATM program is expected to continue to operate throughout 2016 and provide substantially all of SEP's remaining equity needs for this calendar year." The securities to be issued in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. LINK - http://www.streetinsider.com/Corpor...f+Spectra+Energy+Partners+(SEP)/11474277.html
Upcoming dividend information: Ex-Div-Date: 11/8/16 Payment Date: 12/6/16 Dividend: $0.41 Current Price: $42.17 Annual Yield: 3.84%
