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ENB

Enbridge

$39.39

-0.33 (-0.83%)

, SEP

Spectra Energy Partners

07:10
01/22/18
01/22
07:10
01/22/18
07:10

Enbridge, Spectra Energy Partners complete elimination of IDRs

Enbridge (ENB) and Spectra Energy Partners (SEP) announced execution of a definitive agreement, resulting in Enbridge converting all of its incentive distribution rights and general partner economic interests in SEP into 172.5M newly issued SEP common units. As part of the transaction, all of the IDRs have been eliminated. The 172.5M newly issued SEP common units have a value of approximately $7.2B based on the volume-weighted average price of SEP common units over the past twenty days. The transaction value represents a multiple of 15.7x forecast 2018 GP/IDR cash flow and is expected to be breakeven to SEP's distributable cash flow per common unit by the second half of 2019 and be accretive thereafter. Enbridge now holds a non-economic GP interest in SEP and owns approximately 403M SEP common units, representing approximately 83% of SEP's outstanding common units. The transaction provides significant benefits to all SEP common unitholders. The elimination of the IDRs will improve SEP's competitiveness and growth potential by permanently improving its cost of capital, thereby improving value for both SEP unitholders and Enbridge. The transaction also simplifies SEP's capital structure and further aligns the interests of all SEP unitholders. SEP maintains its current guidance of 7% distribution growth in 2018 and 4-6% distribution growth in 2019-20, distribution coverage of 1.1x to 1.2x and a strong credit profile of sub 4.0x Debt/EBITDA.

ENB

Enbridge

$39.39

-0.33 (-0.83%)

SEP

Spectra Energy Partners

  • 22

    Jan

ENB Enbridge
$39.39

-0.33 (-0.83%)

05/12/17
WOLF
05/12/17
INITIATION
Target $43
WOLF
Peer Perform
Enbridge initiated with a Peer Perform at Wolfe Research
Wolfe Research initiated Enbridge with a Peer Perform and a $43 price target citing relatively low valuation.
06/23/17
JPMS
06/23/17
DOWNGRADE
JPMS
Neutral
Enbridge downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Jeremy Tonet resumed coverage of Enbridge with a Neutral rating and C$61 price target following a period of being restricted. Prior to the restriction, the firm had a an Overweight rating and C$64 price target on Enbridge shares. Tonet called Enbridge a core energy infrastructure holding, but cited valuation for his Neutral rating.
10/17/17
MITR
10/17/17
DOWNGRADE
MITR
Hold
Enbridge downgraded to Hold from Buy at GMP Securities
01/09/18
BOFA
01/09/18
INITIATION
Target $54
BOFA
Neutral
Enbridge reinstated with a Neutral at BofA/Merrill
BofA/Merrill analyst Dennis Coleman reinstated coverage on Enbridge with a Neutral and $54 price target.
SEP Spectra Energy Partners

01/04/18
USCA
01/04/18
DOWNGRADE
USCA
Overeight
Spectra Energy Partners downgraded to Overeight from Buy at US Capital Advisors
01/04/18
FBCO
01/04/18
INITIATION
FBCO
Neutral
Spectra Energy Partners initiated with a Neutral at Credit Suisse
Credit Suisse analyst Kristina Kazarlan initiated Spectra Energy Partners (SEP) with a Neutral rating and a price target of $39, saying there are outstanding questions with Enbridge (ENB) as the company's new sponsor.
01/09/18
BOFA
01/09/18
INITIATION
Target $40
BOFA
Underperform
Spectra Energy Partners reinstated with an Underperform at BofA/Merrill
BofA/Merrill analyst Dennis Coleman reinstated coverage on Spectra Energy Partners with an Underperform and $40 price target.
01/11/18
WELS
01/11/18
DOWNGRADE
Target $46
WELS
Market Perform
Spectra Energy Partners downgraded to Market Perform at Wells Fargo
Wells Fargo analyst Michael Blum downgraded Spectra Energy Partners to Market Perform from Outperform and lowered his price target for the shares to $46 from $51. The analyst cites uncertainty regarding the terms of the announced IDR elimination transaction with sponsor Enbridge as the catalyst for the rating change.

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