Enbridge Energy Partners, which transports crude oil and natural gas, has filed for an initial public offering for its Enbridge Energy Management subsidiary in a stock sale that could raise up to $523 million.
The Houston based Enbridge Energy Management, which will offer ten million shares, has said that it will manage and control the business of Enbridge Energy Partners, according to the Securities and Exchange Commission filing.
Enbridge Energy Partners plans to use the net proceeds from the stock sale to repay debt from previous acquisitions from Enbridge, which operates pipelines and provides natural gas transmission and electricity.
Goldman Sachs will underwrite the stock sale. The company plans to trade on the New York Stock Exchange under an as yet undisclosed ticker, today's filing said.