Spectra Energy Partners LP is acquiring a 38.76% interest in Maritimes & Northeast Pipeline LLC (M&N) from Spectra Energy Corp. for $319 million in cash and $56 million in newly issued partnership units. M&N owns a 338-mile mainline interstate natural gas pipeline that extends from the border of Canada near Baileyville, ME, to northeastern Massachusetts with delivery capability of 0.8 Bcf/d. The pipeline’s location and interconnects with Spectra’s transmission system link regional natural gas supplies to the Northeast United States and Atlantic Canadian markets. M&N cash flows are backed by an average contract life of approximately 19 years and more than 90% fee-based revenues. The deal is being be through a combination of debt and equity; closing is set for the end of October.
©Copyright 2012Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.
© 2020 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |