Filed Pursuant to Rule 433
Registration No. 333-141982
August 25, 2009
The following information supplements the Preliminary Prospectus Supplement dated August 25, 2009.
| Issuer |
Spectra Energy Capital, LLC | |
| Guarantee |
Fully and unconditionally guaranteed by Spectra Energy Corp | |
| Ratings (Moody’s / S&P) |
Baa2 (Stable) / BBB (Negative) | |
| Security |
5.65% Senior Notes due 2020 | |
| Amount |
$300,000,000 | |
| Type |
SEC Registered | |
| Trade Date |
August 25, 2009 | |
| Settlement Date (T+3) |
August 28, 2009 | |
| Maturity |
March 1, 2020 | |
| Coupon Payment Dates |
Semi-annual payments on March 1 and September 1 of each year, beginning March 1, 2010 | |
| Coupon Record Dates |
Semi-annual on February 15 and August 15 | |
| Call Structure |
Make-whole call at T + 35 bps | |
| Benchmark |
UST 3.625% due 8/2019 | |
| Benchmark Price |
101-7+ | |
| Benchmark Yield |
3.477% | |
| Reoffer Spread |
+220 bps | |
| Reoffer Yield |
5.677% | |
| Coupon |
5.65% | |
| Price |
99.788% | |
| Gross Spread (%) |
0.65% | |
| Gross Spread ($) |
$1,950,000 | |
| Net Proceeds (%) |
99.138% | |
| Net Proceeds ($) |
$297,414,000 | |
| Joint Book-Running Managers |
RBS Securities Inc. (22.0%) Credit Suisse Securities (USA) LLC (20.0%) SunTrust Robinson Humphrey, Inc. (20.0%) UBS Securities LLC (20.0%) | |
| Co-managers |
BMO Capital Markets Corp. (6.0%) KeyBanc Capital Markets Inc. (6.0%) Scotia Capital (USA) Inc. (6.0%) | |
| CUSIP |
84755TAD9 | |
| ISIN |
US84755TAD90 | |
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and 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 visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling RBS Securities Inc. toll-free at 1-866-884-2071; Credit Suisse Securities (USA) LLC toll-free at 1-800-221-1037; SunTrust Robinson Humphrey, Inc. collect at 404-813-0215; or UBS Securities LLC toll-free at 1-877-827-6444, ext. 561 3884.