Midcoast Energy Partners Begins IPO Of 18.5 Mln Class A Common Units

(RTTNews) - Midcoast Energy Partners, L.P. (MEP) announced the launch of its initial public offering or IPO of 18.5 million Class A common units representing limited partner interests. The underwriters would be granted a 30-day option to buy from Midcoast Partners up to an additional 2.775 million Class A units at the IPO price. The Class A common units would be listed on the New York Stock Exchange under the ticker symbol "MEP."

The Class A common units being offered represent a 40 percent limited partner interest in Midcoast Partners, or a 46 percent limited partner interest if the underwriters exercise, in full, their option to purchase additional Class A common units. Enbridge Energy Partners, L.P. (EEP), through certain of its subsidiaries, would hold a 2 percent general partner interest and the remaining limited partner interest in Midcoast Partners.