Midcoast Energy Partners LP ( a New MLP)
Ticker Symbol MEP
Market Traded On NYSE
Minimum Quarterly Distribution .3125/share
Offering Price $18.00
Initial Yield 6.9%
Company Website Midcoast Energy Partners
Midcoast Energy Partners which is sponsored by Enbridge Energy Partners LP. Midcoast is trading under the ticker MEP on the NYSE and was launched at $18/share. Midcoast is operating midstream natural gas and natural gas liquids assets (mainly treatment and processing facilities) in Texas and Oklahoma. They will pay a 31.25 cent/quarter distribution for the first year. They do earn the distribution (contrary to some new MLPs where they do not earn enough to pay the distribution they promise). While the yield is now around 7% we might have an interest a bit higher as we think the need for and growth of natural gas usage in the U.S. at this point in time looks bright.
The original offering documents are below.