February 11, 2009 (FinancialWire) -- Spectra Energy Corp (NYSE: SE) (Current Market Cap: US$8.86 Bil.) said that its public offering of 28 million shares of its common stock was priced at $14.35 per share. Merrill Lynch & Co. (NYSE: MER), Morgan Stanley & Co. (NYSE: MS) and UBS Securities (NYSE: UBS) are the joint book-running managers.

The company said it expects the delivery of the shares to occur on February 13. The underwriters have an overallotment option to purchase up to 4.2 million additional shares.

Assuming no exercise of the overallotment option, Spectra Energy expects to receive net proceeds from the offering of around $389 million. The company plans to use the net proceeds to fund capital expenditures and for other general corporate purposes.

Spectra may also use the net proceeds to repay commercial paper and other short-term borrowings as they mature or invest them temporarily in short-term marketable securities.

Houston-based Spectra Energy is a natural gas infrastructure company engaged in gathering and processing, transmission and storage, and distribution. The company operates in the United States and Canada around 18,300 miles of transmission pipeline, around 270 billion cubic feet of storage, natural gas gathering and processing, natural gas liquids operations and local distribution assets.

Spectra Energy also has a 50 percent ownership in DCP Midstream, a U.S. natural gas gathering and processing company.

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