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Spectra Energy’s MLP Drop-down Named Houston Business Journal’s Energy Deal of the Year

December 17, 2013

Bracewell & Giuliani LLP represented Spectra Energy with liability management and the financing elements of the company’s MLP drop-down transactions, a deal recently named “Deal of the Year” by the Houston Business Journal in the energy category.

The deal closed on November 1, 2013, making one of the largest pipeline and storage MLPs in the U.S. The corporation will receive 172 million limited partner units of the partnership, about 3.5 million general partner units to maintain its 2 percent general partner interest, and $2.2 billion in cash. In addition, about $2.5 billion in debt associated with the assets will be assumed by the partnership.

Bracewell attorneys involved in this transaction include:

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

Counsel: Ian R. Brown

Associate: Rebecca Keep

Bracewell was also recognized as a “Deal of the Year” finalist for its representation of Enable Midstream Partners, Kinder Morgan, Lufkin Industries, and Plains Exploration & Production.

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