Enbridge Energy Partners believes liquidity is sufficient for clean-up

By Lisa Kerner

Charlotte, N.C., Jan. 31 - Enbridge Energy Partners, LP continues to have sufficient liquidity to address its near-term capital expenditure needs as well as the funding requirements expected for the Line 6B crude oil spill, according to comments made by executive vice president Stephen Letwin Monday during the company's fourth-quarter earnings conference call.

The clean-up costs are now expected to reach $550 million following the review of costs and the need for long-term monitoring of the affected area.

Letwin said Enbridge's credit facilities total $1.5 billion.

At Dec. 31, the company had available liquidity of $770 million.

In November, the partnership completed an underwritten public offering of about 6 million class A common units at a price of $60.12 per unit for net proceeds of about $347.4 million and issued 144,615 class A common units at sales prices averaging $55.70 for net proceeds of about $7.9 million under the terms of an equity distribution agreement, an Enbridge news release said.

Fourth-quarter 2010 interest expense rose by $17.1 million, to $75.8 million, due to an increase in Enbridge's overall weighted average debt outstanding coupled with a $3.7 million reduction in capitalized interest, the result of the completion of the North Dakota phase VI expansion in January 2010 and the Alberta Clipper Project in April 2010.

Enbridge is a crude oil and petroleum company based in Houston.

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