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NORTHERN BORDER PARTNERS, L.P. ANNOUNCES PRICING OF PUBLIC OFFERING OF 2.75 MILLION COMMON UNITS
FOR IMMEDIATE RELEASE: Wednesday, December 10, 1997
HOUSTON -- Northern Border Partners, L.P. today announced that it has priced an equity offering of 2,750,000 common units at a public offering price of $34.00 per unit. PaineWebber Incorporated, A.G. Edwards & Sons, Inc. and Rauscher Pierce Refsnes, Inc. are the managing underwriters for this offering.
Net proceeds of the offering will be used to fund capital contributions by the Partnership to Northern Border Pipeline Company for construction of The Chicago Project, an $839 million pipeline extension and expansion.
Copies of the final prospectus and prospectus supplement relating to this offering may be obtained from the offices of PaineWebber Incorporated, 1285 Avenue of the Americas, New York, New York 10019. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State.
Northern Border Partners, L.P. owns a 70 percent general partner interest in Northern Border Pipeline Company, which owns a 969-mile U.S. interstate pipeline system that transports about 20 percent of all Canadian gas into the U.S. The Partnership also has a 71.75 percent ownership position in Black Mesa Pipeline, a 273-mile coal-water slurry pipeline from Kayenta, Arizona to Laughlin, Nevada. Northern Border Partners, L.P. is listed on the New York Stock Exchange under the symbol "NBP".
For additional information please contact:
A. H. Davis
(713) 853-6941
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