Jun 26 - 28, 2017 - Houston, United States
Enbridge Energy Partners, L.P. announced today that its previously disclosed transaction to acquire an effective 27.6 percent interest in the Bakken Pipeline System (Bakken Pipeline or the System) has closed as final conditions have now been met.
The System consists of the Dakota Access Pipeline and the Energy Transfer Crude Oil Pipeline projects, both of which will be operated by Energy Transfer Partners, L.P., and connects the prolific Bakken formation in North Dakota to eastern PADD II and the U.S. Gulf Coast. Construction of the Bakken Pipeline is well advanced and approximately 95 percent complete.
EEP will initially fund the $1.5 billion acquisition through a bridge loan provided by an affiliate of Enbridge Inc. This bridge loan will remain in place until a joint funding arrangement with Enbridge and its affiliates is finalized. Joint funding terms are expected to be completed during the second quarter as part of the ongoing strategic review underway at EEP. While the terms of the joint funding arrangement are yet to be finalized, EEP's initial investment has typically been in the order of 25 percent for prior joint funding arrangements.
"We're pleased with the opportunity to add this investment to the EEP liquids pipeline portfolio," said Mark Maki, President for EEP. "The project is expected to provide attractive risk-adjusted returns and is underpinned by a significant level of take-or-pay contracts with high credit quality counterparties. In addition, the investment offers the potential for future low-cost expansions."
Source : Enbridge Energy Partners, L.P.
Jun 8 - 9, 2017 - Houston, United States