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    Spectra Energy Partners, LP

    A Locke Lord team of Bill Swanstrom, Michael Blankenship, Jeff Wallace and Ben Smolij (all of Houston) and Michelle Earley (Austin) provided legal counsel for the Conflicts Committee of Spectra Energy Partners, LP (SEP) in the completed conversion of all of Enbridge Inc.’s incentive distribution rights (IDRs) and general partner economic interests in SEP into 172.5 million newly issued SEP common units. The newly issued 172.5 million SEP common units have an approximate value of $7.2 billion. According to the press release, the elimination of the IDRs improves SEP's competitiveness and growth potential by permanently improving its cost of capital and simplifies SEP's capital structure.
    Posted January 22, 2018

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