Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On August 24, 2009, Maritimes & Northeast Pipeline Limited Partnership, a New Brunswick limited partnership ("Maritimes-Canada"), the equity interests of which are owned, through subsidiaries, approximately 77.53% by Spectra Energy, 12.92% by Emera, Incorporated and 9.55% by Exxon Mobil Corporation, issued C$180 million aggregate principal amount of its 4.34% Senior Secured Notes due 2019 (the "Notes"). The Notes were offered only in Canada on a private placement basis to certain qualified investors. The Notes have not and will not be registered under the Securities Act of 1933 (the "Act") or any state securities laws. The net proceeds of the offering will be used to repay existing indebtedness and fund certain collateral accounts of Maritimes-Canada. Interest on the Notes will accrue from August 24, 2009. Maritimes-Canada will pay interest on the Notes and make amortizing principal payments semi-annually on May 31 and November 30 of each year, beginning on November 30, 2009 with respect to interest payments and May 31, 2010 with respect to principal payments, until the Notes mature on November 30, 2019. Maritimes-Canada may redeem some or all of the Notes at any time or from time to time pursuant to the terms of the Notes. The obligations of Maritimes-Canada under the Notes are secured by certain assets and collateral accounts of Maritimes-Canada.

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