Spectra Energy Corp announced final closing on the drop-down of 50 percent of the Express-Platte crude oil pipeline system (Express-Platte System) to its master limited partnership (MLP), Spectra Energy Partners, LP, for approximately $410 million in cash, $319 million in newly issued partnership units, and $129 million of acquired Express-Platte System debt, which includes the effect of customary closing purchase price adjustments.

"This initial phase of the Express-Platte System drop-down sets the stage for our larger plan to drop our remaining U.S. Transportation and Storage assets to our MLP," said Greg Ebel, president and chief executive officer, Spectra Energy Corp. "These asset drop-downs build a more robust MLP, creating value for both Spectra Energy and Spectra Energy Partners investors. The use of our MLP to efficiently fund growth is a key part of our strategy to execute on more than $25 billion in growth opportunities by the end of the decade."

Tags: Spectra Energy, Spectra Energy Partners