IFLR1000

Enbridge conversion of Spectra Energy Partners IDRs into common units

22/1/2018
Restructuring
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Completed

22/1/2018

Overview:

  • Enbridge has converted all of its incentive distribution rights (IDRs) and general partner (GP) economic interests in Spectra Energy Partners (SEP) into 172.5 million SEP common units.
  • All of the IDRs have been eliminated.
  • The 172.5 million newly issued SEP common units have a value of approximately $7.2 billion.

Sam Duke

Jurisdiction:

Canada

Deal type:

Restructuring

Practice area:

Capital markets : Equity

Industry sector:

Energy

Firms:
Sullivan & Cromwell

Party: Enbridge (Shareholder)

Lawyers: George Sampas, Robert Buckholz

Vinson & Elkins

Party: Enbridge (Shareholder)

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