By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – Enbridge Inc. priced $1.5 billion of senior notes in three parts, including a tap issue of its 3.4% senior notes due Aug. 1, 2051, according to an FWP filing with the Securities and Exchange Commission.
The company priced $500 million of 0.55% two-year notes at 99.948 to yield 0.576%, or a spread over Treasuries of 30 basis points.
The company also priced $500 million of 1.6% five-year notes at 99.665 to yield 1.601%, or a spread over Treasuries of 60 bps.
Finally, the company priced a $500 million tap of its 3.4% notes due Aug. 1, 2051 at 101.166 to yield 3.337%, or a spread over Treasuries of 125 bps.
The add-on 2051 notes will be consolidated and form a single series with the $500 million of existing 2051 notes issued in June.
The notes are guaranteed by Spectra Energy Partners, LP and Enbridge Energy Partners, LP.
Deutsche Bank Securities Inc., Mizuho Securities USA LLC, MUFG, Wells Fargo Securities, LLC, Credit Agricole Securities (USA) Inc. and SMBC Nikko Securities America, Inc. are the bookrunners.
The notes will feature a make-whole call and then a par call. The notes will also be redeemable in whole at any time if certain changes affecting Canadian withholding taxes occur.
Proceeds will be used to reduce existing debt, to partially fund capital projects and for other general corporate purposes.
The oil and gas distribution and transportation company is based in Calgary, Alta.
| Issuer: | Enbridge Inc.
|
| Guarantors: | Spectra Energy Partners, LP and Enbridge Energy Partners, LP
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| Issue: | Senior notes
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| Amount: | $1.5 billion
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| Bookrunners: | Deutsche Bank Securities Inc., Mizuho Securities USA LLC, MUFG, Wells Fargo Securities, LLC, Credit Agricole Securities (USA) Inc. and SMBC Nikko Securities America, Inc.
|
| Co-managers: | SG Americas Securities, LLC, Truist Securities, Inc., Loop Capital Markets LLC and Academy Securities, Inc.
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 4
|
|
|
| Notes due 2023
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| Amount: | $500 million
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| Maturity: | Oct. 4, 2023
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| Coupon: | 0.55%
|
| Price: | 99.948
|
| Yield: | 0.576%
|
| Spread: | Treasuries plus 30 bps
|
| Call: | Make-whole call at Treasuries plus 5 bps until maturity
|
| Cusip: | 29250NBG9
|
|
|
| Notes due 2026
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| Amount: | $500 million
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| Maturity: | Oct. 4, 2026
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| Coupon: | 1.6%
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| Price: | 99.995
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| Yield: | 1.601%
|
| Spread: | Treasuries plus 60 bps
|
| Call: | Make-whole call at Treasuries plus 10 bps until Sept. 4, 2026, then par call
|
| Cusip: | 29250NBH7
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|
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| Tap notes due 2051
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| Amount: | $500 million
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| Maturity: | Aug. 1, 2051
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| Coupon: | 3.4%
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| Price: | 101.166
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| Yield: | 3.337%
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| Spread: | Treasuries plus 125 bps
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| Call: | Make-whole call at Treasuries plus 20 bps until Feb. 1, 2051, then par call
|
| Total issue: | $1 billion, including $500 million issued in June
|
| Cusip: | 29250NBE4
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