Spectra Energy Announces Pricing Of Public Offering Of Common Stock

HOUSTON, Dec. 11, 2012 /PRNewswire/ -- Spectra Energy Corp (NYSE: SE) announced today that its public offering of 12,800,000 shares of its common stock was priced at $26.75 per share to the public.  The company expects the delivery of the shares to occur on December 17, 2012.  In addition, the underwriters have a 30 day option to purchase up to 1,920,000 additional shares of the company's common stock.

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Assuming no exercise of the option to purchase additional shares, Spectra Energy expects to receive net proceeds from the offering of approximately $331,628,000, after deducting the underwriting discount and estimated offering expenses payable by the company.  The company intends to use the net proceeds from the offering to fund acquisitions, capital expenditures and for other general corporate purposes, which may include funding a portion of the purchase price for the Express-Platte Pipeline System.  Pending the use of proceeds for such purposes, the company expects to use the net proceeds to repay commercial paper as they mature or invest them temporarily in short-term marketable securities.

BofA Merrill Lynch, Barclays and UBS Investment Bank acted as joint book-running managers for the offering. Citi and J.P. Morgan acted as co-managers for the offering.

The offering is being made only by means of a prospectus and related prospectus supplement , copies of which may be obtained from BofA Merrill Lynch, Attn: Prospectus Department, at 222 Broadway, New York, NY 10038 or by email at [e-mail]; or from Barclays, Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone toll free at [phone] or by email at [e-mail]; or from UBS Securities LLC, Attn: Prospectus Department, at 299 Park Avenue, New York, NY 10171, or by telephone toll free at [phone]. An electronic copy of the preliminary prospectus supplement and the accompanying prospectus are currently available from the Securities and Exchange Commission's web site at www.sec.gov.

The shares are being offered pursuant to an effective shelf registration statement that Spectra Energy previously filed with the Securities and Exchange Commission.  This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction.

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