Filed Pursuant to Rule 433
Registration No. 333-197967
March 9, 2015
Spectra Energy Partners, LP
Pricing Term Sheet
$500,000,000 3.50% Notes due 2025
$500,000,000 4.50% Notes due 2045
| Issuer:
|
Spectra Energy Partners, LP | |||
| Security Type:
|
Senior Unsecured Notes | |||
| Pricing Date:
|
March 9, 2015 | |||
| Settlement Date (T+3):
|
March 12, 2015 | |||
| 3.50% Notes due 2025
|
4.50% Notes due 2045 | |||
| Maturity Date:
|
March 15, 2025 | March 15, 2045 | ||
| Principal Amount:
|
$500,000,000 | $500,000,000 | ||
| Benchmark:
|
2.00% due February 15, 2025 | 3.00% due November 15, 2044 | ||
| Benchmark Price / Yield:
|
98-07 / 2.200% | 104-02+ / 2.797% | ||
| Spread to Benchmark:
|
+ 135 bps | + 175 bps | ||
| Yield to Maturity:
|
3.550% | 4.547% | ||
| Coupon:
|
3.50% | 4.50% | ||
| Public Offering Price:
|
99.582% | 99.234% | ||
| Interest Payment Dates: |
March 15 and September 15,
|
March 15 and September 15, commencing September 15, 2015 | ||
| Make-whole Premium:
|
+ 20 bps | + 25 bps | ||
| CUSIP / ISIN:
|
84756N AF6 / US84756NAF69 | 84756N AG4 / US84756NAG43 | ||
| Denominations:
|
$2,000 x $1,000 | |||
| Joint Book-running Managers: |
J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated SunTrust Robinson Humphrey, Inc. Mitsubishi UFJ Securities (USA), Inc. RBS Securities Inc.
|
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| Co-Managers: |
Deutsche Bank Securities Inc. KeyBanc Capital Markets Inc. SMBC Nikko Securities America, Inc. |
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The issuer has filed a registration statement (including a preliminary prospectus supplement and a prospectus) and a prospectus supplement with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement for this offering, the issuer’s prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it by calling J.P. Morgan Securities LLC at (212) 834-4533, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322 or SunTrust Robinson Humphrey, Inc. toll-free at 1-800-685-4786.
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