SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: November 29, 2001
Commission File Number 1-12202
NORTHERN BORDER PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
DELAWARE 93-1120873
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
Enron Building
1400 Smith Street
Houston, Texas 77002
(Address of principal (Zip code)
executive offices)
(713) 853-6161
(Registrant's telephone number,
including area code)
ITEM 5. OTHER EVENTS
The registrant is filing herewith a copy of its press
release dated November 29, 2001.
ITEM 7. EXHIBITS
99.1 Northern Border Partners, L.P. press release
dated November 29, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
NORTHERN BORDER PARTNERS, L.P.
(A Delaware Limited Partnership)
By: JERRY L. PETERS
Jerry L. Peters
Chief Financial and
Accounting Officer
Date: November 29, 2001
EXHIBIT INDEX
Exhibit No.
99.1 Northern Border Partners, L.P. press release dated
November 29, 2001.
Exhibit 99.1
[Northern Border Partners, L.P. Logo]
1111 South 103rd Street
Omaha, Nebraska 68124-1000
For Further Information,
Contact:
Public Relations Contact:
Beth Jensen (402) 398-7806
Investor Relations Contact:
Ellen Konsdorf
(402) 398-7840
Northern Border Partners Reassures Investors Regarding Enron Exposure
For Immediate Release: Thursday, November 29, 2001
Omaha, NE - Northern Border Partners, L.P. (NYSE: NBP) announced
today that it believes that the recent downgrades of Enron
Corp.'s credit ratings and other events involving Enron should
not have a material adverse impact on Northern Border Partners'
financial condition. However, it is too early to determine with
certainty the extent to which the Partnership will be impacted by
these events.
As detailed in its September 30, 2001 Quarterly Report on Form 10-Q,
Northern Border Partners has a number of relationships with
Enron and its subsidiaries. Northern Plains Natural Gas Company
and NBP Services Corporation, wholly-owned subsidiaries of Enron,
provide operating and administrative services for Northern Border
Partners and its subsidiaries. Certain of the services are
provided through other Enron subsidiaries. Management believes
that Northern Plains and NBP Services will continue to be able to
meet their operational and administrative services obligations
under the existing agreements. Northern Border Pipeline, a 70
percent-owned subsidiary, has an aggregate financial exposure
over the next 12 months of approximately $9 million (2.8 percent)
of revenues under its firm transportation contracts with Enron
North America (ENA), a wholly owned subsidiary of Enron. Also,
another subsidiary of Northern Border Partners has entered into
certain swap arrangements with ENA to hedge risks of changes in
commodity prices. As of November 28, 2001, the market value of
the swaps is approximately $5 million in favor of the
Partnership. The Partnership believes that failure by ENA to
perform its obligations under the firm transportation contracts
or the swap arrangements, will not have a material adverse impact
on the Partnership's financial condition.
Management plans to continue to monitor developments at Enron, to
continue to assess the impact on Northern Border Partners of its
existing agreements and relationships with Enron and its
subsidiaries, and to take appropriate action to protect the
interests of Northern Border Partners and its unitholders.
Northern Border Partners, L.P. owns a 70 percent general partner
interest in Northern Border Pipeline Company, a 1,249-mile
pipeline system that transports natural gas from the Montana-
Saskatchewan border to markets in the Midwestern U. S.
Additionally, the Partnership owns the 350-mile long Midwestern
Gas Transmission system, which stretches from Portland, Tennessee
to Joliet, Illinois. The Partnership also has gathering systems
and processing plants in the Powder River, Wind River and
Williston Basins in the U.S.; owns and operates processing plants
and gathering pipelines in Alberta, Canada; and transports coal-
water slurry via a pipeline in the Southwestern U.S. The general
partners of the Partnership are owned by Enron Corp. (NYSE: ENE),
one of the world's leading electricity, natural gas and
communications companies and by Williams (NYSE: WMB), who through
its subsidiaries, connects businesses to energy, delivering
innovative, reliable products and services.
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