April 28, 2017 / 11:31 AM / in a year

BRIEF-Enbridge announces conclusion of Enbridge Energy Partners strategic review

April 28 (Reuters) - Enbridge Inc:

* Enbridge Inc announces conclusion and outcomes of Enbridge Energy Partners L.P strategic review

* Enbridge - bakken pipeline system to be placed into service during Q2 and is expected to generate strong and stable cash flows for both Enbridge and EEP

* Enbridge Inc - to acquire EEP’s interest in midcoast gas gathering & processing business for US$1.31 billion plus existing indebtedness of Midcoast Energy Partners, L.P

* Enbridge Inc - EECI and EEP finalized a JFA whereby investment will be jointly owned 75 percent by EECI and 25 percent by EEP

* EEP will initially hold 25 percent interest in bakken system pipeline investment and initial 1 percent interest in L3R

* Enbridge Inc - EEP will redeem and repay $1.6 billion of obligations related to its series 1 preferred units outstanding to EECI

* All of strategic review actions are scheduled to close by end of first half of this year and are not expected to be material

* Enbridge Inc - there is no plan or intention to transfer Midcoast assets to Spectra Energy Partners

* Enbridge Inc - Spectra Energy Partners will be maintained as a long-haul natural gas pipeline business Source text for Eikon: Further company coverage:

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