ENBRIDGE INC. $53.00 (Toronto symbol ENB; Shares outstanding: 846.2 million; Market cap: $45.4 billion; TSINetwork Rating: Above Average; Dividend yeield:2.6%; www.enbridge.com) plans to transfer its 66.7% stake in the U.S. portion of the Alberta Clipper pipeline to its American affiliate, Enbridge Energy Partners, L.P. (New York symbol EEP).
The 1,600-kilometre Alberta Clipper pipeline moves crude from Alberta’s oil sands to Superior, Wisconsin.
Enbridge will receive $300 million U.S. in cash and $600 million U.S. worth of Enbridge Energy Partners units. The $900-million U.S. total is equal to 2% of Enbridge’s $45.4-billion (Canadian) market cap.
Following the sale, Enbridge Energy Partners will own 100% of the pipeline’s U.S. portion. The additional units will also increase Enbridge’s economic stake (including common and preferred shares) in this affiliate from 34% to 36%.
Transactions like this, called drop downs, free up cash that the parent company can use for new projects. The affiliate also benefits, because the cash flow from the new assets helps it maintain or increase its cash distributions to its unitholders.
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