New York and Calgary, June 9, 2003 KeySpan Corporation (NYSE:KSE) and KeySpan
Facilities Income Fund ("the Fund") (TSX:KEY.UN) announced today that they have received
notice from the underwriters of the exercise of the over-allotment option to purchase
2,000,000 units at a price of CDN$10.00 per unit. The over-allotment option was granted in
connection with the recent offering of 15,000,000 units of the Fund and is expected to close
on June 10, 2003. Total gross proceeds from the over-allotment option will be CDN$20
million.
After the exercise of the over-allotment option, KeySpan Corporation will own 60.91% of the
KeySpan Energy Canada Partnership ("KeySpan Canada"), with the Fund owning 39.09%.
About KeySpan Facilities Income Fund
Each Unit of the Fund represents an indirect ownership interest in the business of KeySpan
Canada. KeySpan Canada operates one of the largest natural gas midstream businesses in
Canada. Its business consists of both natural gas gathering and processing as well as the
processing, transportation, storage and marketing of natural gas liquids (NGLs). KeySpan
Canada’s 13 gas processing plants and associated facilities are strategically located in the
west central and foothills natural gas production areas of the Western Canadian Sedimentary
Basin in Alberta. They are pipeline-connected and offer a wide range of flexible services.
KeySpan Canada's NGL infrastructure consists of pipelines, processing and storage in
Edmonton and Fort Saskatchewan, Alberta, a major North American NGL hub.
About KeySpan Corporation
A member of the Standard & Poor’s 500 Index, KeySpan Corporation (NYSE: KSE) is the
largest distributor of natural gas in the Northeast with 2.5 million customers, operating regulated
natural gas utilities in New York, Massachusetts and New Hampshire under the KeySpan
Energy Delivery service company. This customer focused business is complemented by the
Energy Services business which offers a portfolio of energy-related products, services and
solutions to homes and businesses under the KeySpan Home Energy Services and KeySpan
Business Solutions companies.
KeySpan is also the largest investor owned electric generator in New York State. We own
approximately 6,400 Mw of generating capacity, which provides power to 1.1 million LIPA
customers on Long Island and supplies 25% of New York City’s capacity needs. In addition to
these assets, KeySpan has strategic investments in natural gas exploration, production,
pipeline transportation, distribution and storage, and Canadian gas processing.
KeySpan has headquarters in Brooklyn, Boston and Long Island and 12,000 employees. For
more detailed financial and strategic information, please visit our Investor Relations web page
at http://investor.keyspanenergy.com.
The trust units offered have not and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold in the United States except in certain transactions exempt from the
registration requirements of the U.S. Securities Act and applicable states securities laws. The
offer was made in Canada only pursuant to a prospectus.
For further information about KeySpan Facilities Income Fund, please visit our website at
www.keyspancanada.com or contact:
David G. Smith, Senior Vice President and Chief Financial Officer, E-mail:
David_Smith@keyspancanada.com Telephone (403) 205-7604 Toll
Free: (888) 699-4853 Facsimile: (403) 205-8303
John Cobb, Director, Investor Relations, E-mail: John_Cobb@keyspancanada.com
Telephone (403) 205-7670 Toll Free: (888) 699-4853 Facsimile: (403)
205-8303
