HOUSTON, July 22 /PRNewswire-FirstCall/ -- Spectra Energy Partners, LP announced the board of directors of its general partner declared a quarterly cash distribution to unitholders of $0.43 per unit for the quarter ended June 30, 2010. This represents a 2.4 percent increase over the first quarter 2010 distribution of $0.42 per unit paid on May 14, 2010, and a 13.2 percent increase over the second quarter 2009 distribution of $0.38 per unit. The cash distribution is payable on August 13, 2010, to unitholders of record at the close of business on August 3, 2010. This quarterly cash distribution equates to $1.72 per unit on an annual basis.
(Logo: http://photos.prnewswire.com/prnh/20071107/CLW064 ) (Logo: http://www.newscom.com/cgi-bin/prnh/20071107/CLW064 ) Conversion of Subordinated Units
Spectra Energy Partners is also announcing that the board of directors of its general partner confirmed that, upon payment of the second quarter distribution, the financial tests required for conversion of all its outstanding subordinated units into common units will have been satisfied. Accordingly, the Partnership's 21,638,730 subordinated units will be converted on a one-for-one basis into common units effective as of the payment date for the Partnership's second quarter 2010 distribution to unitholders.
The conversion of the subordinated units does not impact the amount of cash distributions paid by the Partnership or the total number of the Partnership's outstanding units.
This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of Spectra Energy Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, Spectra Energy Partners' distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Spectra Energy Partners, LP is a Houston-based master limited partnership, formed by Spectra Energy Corp , that owns interests in natural gas transportation and storage assets in the United States, including more than 3,100 miles of transmission and gathering pipeline and approximately 49 billion cubic feet (Bcf) of natural gas storage. These assets are capable of transporting 3.26 Bcf of natural gas per day from growing supply areas to high demand markets.
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Spectra Energy Partners, LP
CONTACT: Media & Analysts, Derick Smith, +1-713-627-4963
Web Site: http://www.spectraenergypartners.com/
