2014

Spectra Energy Announces Closing of Common Stock Public Offering and Exercise in Full of Underwriters' Option

HOUSTON, Dec. 17, 2012 /PRNewswire/ -- Spectra Energy Corp (NYSE:  SE) announced today that its previously announced public offering of 12,800,000 shares of its common stock priced at $26.75 per share has closed. In addition, the underwriters elected to exercise in full their option to acquire an additional 1,920,000 shares of the company's common stock. 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 it matures or invest them temporarily in short-term marketable securities.

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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 dg.prospectus_requests@baml.com; or from Barclays, Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone toll free at (888) 603-5847 or by email at barclaysprospectus@broadridge.com; or from UBS Securities LLC, Attn: Prospectus Department, at 299 Park Avenue, New York, NY 10171, or by telephone toll free at (888) 827-7275. An electronic copy of the prospectus supplement and the accompanying base prospectus is available from the website of the Securities and Exchange Commission (SEC) at http://www.sec.gov.

The common stock was offered pursuant to an effective shelf registration statement that Spectra Energy previously filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events. Such statements are subject to risks, uncertainties and other factors, many of which are outside our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Those factors include: the timing and success of the completion of acquisitions, including the pending acquisition of the Express-Platte Pipeline System and the receipt of required regulatory approvals, as well as other factors described in our Form 10-K, filed with the SEC, and other filings that we make with the SEC, which are available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Spectra Energy Corp (NY SE: SE), a FORTUNE 500 company, is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For more than a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company's operations in the United States and Canada include more than 19,000 miles of transmission pipeline, approximately 305 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids and local distribution operations. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy is a member of the Dow Jones Sustainability World and North America Indexes and the Carbon Disclosure Project's Global 500 and S&P 500 Carbon Disclosure Leadership Indexes.

SOURCE Spectra Energy Corp



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