• Home
• /
• Contact Us
• /
• Pipeline FAQs
• /
• New Projects
• /
• Vendor Registration
• /
• Multimedia

Spectra Energy Announces Pricing of Public Offering of Common Stock

February 11, 2009

HOUSTON – Spectra Energy Corp (NYSE: SE) announced today that its public offering of 28 million shares of its common stock was priced at $14.35 per share to the public. The company expects the delivery of the shares to occur on February 13, 2009. In addition, the underwriters have an overallotment option to purchase up to 4.2 million additional shares of the company's common stock.

Assuming no exercise of the overallotment option, Spectra Energy expects to receive net proceeds from the offering of approximately $389 million, after deducting the underwriting discount and commissions and estimated offering expenses payable by the company. The company intends to use the net proceeds from the offering to fund capital expenditures and for other general corporate purposes. Pending the use of proceeds for such purposes, the company expects to use the net proceeds to repay commercial paper and other short-term borrowings as they mature or invest them temporarily in short-term marketable securities.

Merrill Lynch & Co., Morgan Stanley & Co. Incorporated and UBS Securities LLC are the joint book-running managers for this offering. Deutsche Bank Securities Inc., SunTrust Robinson Humphrey, Inc., Wachovia Capital Markets, LLC, J.P. Morgan Securities Inc. and Macquarie Capital Markets North America Ltd. are acting as co-managers for the offering.

The offering is being made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from Merrill Lynch & Co., at 4 World Financial Center, New York, New York 10080, or by telephone at (212) 449-1000; from Morgan Stanley & Co. Incorporated, Attention: Prospectus Dept., at 180 Varick Street, 2nd floor, New York, NY, 10014, or by telephone toll free at (866) 718-1649 or by email at prospectus@morganstanley.com; or from UBS Securities LLC, Prospectus Department, at 299 Park Avenue, New York, NY 10171, or by telephone toll free at (888) 827-7275, extension x 3884. An electronic copy of the preliminary prospectus supplement and the accompanying prospectus are currently available from the Securities and Exchange Commission’s Web site at www.sec.gov.

The shares are being offered pursuant to an effective shelf registration statement that Spectra Energy previously filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction.

Spectra Energy Corp is a North American natural gas infrastructure company serving key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. Based in Houston, Texas, the company operates in the United States and Canada approximately 18,300 miles of transmission pipeline, approximately 270 billion cubic feet of storage, natural gas gathering and processing, natural gas liquids operations and local distribution assets. Spectra Energy Corp also has a 50 percent ownership in DCP Midstream, a U.S. natural gas gathering and processing company.