Enbridge Energy in $350M drop-down of nat gas interests to Midcoast Energy

|About: Enbridge Energy Partners L.P. (EEP)|By:, SA News Editor

Enbridge Energy Partners (EEP) says it will sell a 12.6% interest in its natural gas midstream business to Midcoast Energy Partners (MEP) for $350M.

EEP says it plans to use the proceeds to help fund its pipeline expansion program.

EEP's interest in its Midcoast Operating subsidiary will fall to 48.4% after the sale.