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Bracewell Represents Spectra Energy with MLP Drop-down Transactions

August 9, 2013

Bracewell & Giuliani LLP is representing Spectra Energy with liability management and the financing elements of the company’s MLP drop-down transactions.

Spectra Energy Partners LP (SEP) agreed to buy U.S. natural gas transmission, storage and liquids assets from affiliate Spectra Energy Corp. (SE) for $12.3 billion. The price includes $2.2 billion in cash, 172 million in newly issued limited partner units and 3.5 million in newly issued general partner units. The transaction will allow both companies to increase their dividends and will make Spectra Energy Partners one of the country's top pipeline and storage master limited partnerships.

Bracewell is also advising Spectra Energy with respect to their Exchange Act reporting requirements relating to the transactions,  as well as the bank financing for both SE and SEP, consent solicitation and tender offers for SEC capital markets debt. The deal is expected to close by the end of the year.

Bracewell attorneys involved in this transaction include:

Partners: Michael S. Telle, Robin J. Miles and Jonathan D. Wry

Counsel: Ian R. Brown

Associates: Harrison F. Bolling, Erica L. Hogan and Rebecca Keep