Enbridge Energy to fund half of $4.4 billion financing remaining for upcoming capital expansion with debt

By Andrea Heisinger

Omaha, Oct. 30 - Enbridge Energy Partners L.P. reported its third quarter earnings and revealed plans to pay for its $5.3 billion in capital expansion projects during the next three years.

The company plans to generate $900 million internally, leaving $4.4 billion to be financed.

According to the earnings report, this will be done half with equity and half with debt.

The company has already raised $400 million this year in debt, and it is further along on the equity side, raising $630 million from two equity offerings.

This leaves an equity balance of $970 million that needs to be funded between now and 2010, the company reports.

An equity credit of $200 million from the 2007 hybrid offering brings the total needed to $770 million.

Among the options raise this is offering a second hybrid security to raise $200 million. Class A or class C units are another option along with other core asset sales to raise money.

And the company "also remains receptive to other creative financing options."

The company has had more than $1.4 billion of capital expenditures year to date.

Also included in the report is that the company had an all-time high operating income of $106.4 million for the quarter, up from $85 million for the same period in 2006.

Enbridge is a Houston-based energy company.

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