Midcoast Energy Partners, L.P. Announces Closing of Option to Purchase Additional Class A Common Units Related to Initial Public Offering

Marketwired

HOUSTON, TX--(Marketwired - Dec 9, 2013) - Midcoast Energy Partners, LP (NYSE: MEP) ("Midcoast Partners") announced today the closing of the sale of an additional 2,775,000 Class A Common Units representing limited partner interests in connection with the previously announced initial public offering of 18,500,000 of its Class A Common Units that closed on November 13, 2013.

Midcoast Partners will use the approximately $47.0 million of net proceeds from the exercise of the option to redeem 2,775,000 Class A Common Units from Enbridge Energy Partners, L.P. (NYSE: EEP) ("Enbridge Partners"). Upon redemption of the Class A Common Units from Enbridge Partners, the public will own a 46 percent limited partner interest in Midcoast Partners. Enbridge Partners through certain of its subsidiaries, holds a 2 percent general partner interest and will own the remaining limited partner interest in Midcoast Partners.

BofA Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan, Morgan Stanley, Wells Fargo Securities and UBS Investment Bank acted as joint book-running managers for the initial public offering. RBS, SMBC Nikko and Ladenburg Thalmann & Co. Inc. acted as co-managers for the initial public offering. The offering of these securities were made only by means of a prospectus. Copies of the written prospectus that meets the requirements of Section 10 of the Securities Act of 1933 may be obtained from the underwriters as follows:

BofA Merrill Lynch
Attn: Prospectus Department
222 Broadway
New York, NY 10038
Email: dg.prospectus_requests@baml.com

Barclays
Attn: Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: (888) 603-5847
Email: barclaysprospectus@broadridge.com

Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: (800) 831-9146
Email: batprospectusdept@citi.com

Credit Suisse
Attn: Prospectus Department
One Madison Avenue
New York, NY 10010
Tel: (800) 221-1037
Email: newyork.prospectus@credit-suisse.com

Deutsche Bank Securities Inc.
Attn: Prospectus Department
60 Wall Street
New York, NY 10005
Tel: (800) 503-4611
Email: prospectus.CPDG@db.com

Goldman, Sachs & Co.
Attn: Prospectus Department
200 West Street
New York, NY 10282
Tel: (866) 471-2526
Email: prospectus-ny@ny.email.gs.com

J.P. Morgan
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: (866) 803-9204

Morgan Stanley
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014

UBS Investment Bank
Attn: Prospectus Dept.
299 Park Avenue
New York, NY 10171
Tel: (888) 827-7275

Wells Fargo Securities
Attn: Equity Syndicate Department
375 Park Avenue
New York, NY 10152
Tel: (800) 326-5897
Email: cmclientsupport@wellsfargo.com

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Midcoast Energy Partners, L.P.

Midcoast Energy Partners, L.P. (NYSE: MEP), is a limited partnership formed by Enbridge Partners, L.P to serve as Enbridge Partners' primary vehicle for owning and growing its natural gas and natural gas liquids (NGLs) midstream business in the U.S. Our initial assets consist of a 39 percent controlling interest in Midcoast Operating, L.P., a Texas limited partnership that owns a network of natural gas and NGL gathering and transportation systems, natural gas processing and treating facilities and NGL fractionation facilities primarily located in Texas and Oklahoma. Midcoast Operating also owns and operates natural gas, condensate and NGL logistics and marketing assets that primarily support its gathering, processing and transportation business. Through our ownership of Midcoast Operating's general partner, we control, manage and operate these systems.

Forward Looking Statements
This news release includes forward-looking statements, which are statements that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "projection," "should," "strategy," "target," "will" and similar words. Although we believe that such forward-looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements.

In addition to the risks listed above, other risks include those detailed from time to time in Midcoast Partners' Securities and Exchange Commission, or SEC, reports, including, without limitation, in Midcoast Partners' prospectus related to its initial public offering, dated November 6, 2013 and filed with the United States Securities and Exchange Commission on November 8, 2013, and any subsequently filed annual, quarterly or current reports, which filings are available to the public at the SEC's website (www.sec.gov).

Contact:
FOR FURTHER INFORMATION PLEASE CONTACT:

Sanjay Lad
Investment Community
(866) EEP INFO or (866) 337-4636
E-mail: Email Contact

Terri Larson, APR
Media
(877) 496-8142
E-mail: Email Contact
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