By Cristal Cody
Tupelo, Miss., June 27 - Enbridge Inc. sold C$700 million in two tranches of medium-term notes (Baa1/A-/DBRS: A) on Thursday, including a reopening of long bonds, according to an informed source.
In the first tranche, Enbridge priced C$450 million of 3.94% notes due June 30, 2023 at par to yield a spread of 150 basis points over the Canada bond curve.
The company sold C$250 million in the reopening of its 4.24% notes due Aug. 27, 2042 at 92.824 to yield 4.694%, or a spread of 178 bps over the Government of Canada benchmark.
Enbridge first sold the issue on Aug. 22 in a C$400 million deal that priced at 99.932 to yield 4.244%, or 180 bps over the benchmark. The total outstanding now is C$650 million.
RBC Capital Markets, CIBC World Markets Inc. and HSBC Capital (Canada) Inc. were the lead managers of the offering. Co-managers were BMO Capital Markets Corp., Citigroup Global Markets Inc., TD Securities Inc., National Bank Financial Inc. and Scotia Capital Inc.
Enbridge is a Calgary, Alta.-based oil and gas distributor and transportation company.
| Issuer: | Enbridge Inc.
|
| Amount: | C$700 million
|
| Securities: | Medium-term notes
|
| Bookrunners: | RBC Capital Markets, CIBC World Markets Inc. and HSBC Capital (Canada) Inc.
|
| Co-managers: | BMO Capital Markets Corp., Citigroup Global Markets Inc., TD Securities Inc., National Bank Financial Inc. and Scotia Capital Inc.
|
| Pricing date: | June 27
|
| Settlement date: | July 3
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| DBRS: A
|
| Distribution: | Canada
|
|
|
| Ten-year notes
|
| Amount: | C$450 million
|
| Maturity: | June 30, 2023
|
| Coupon: | 3.94%
|
| Price: | Par
|
| Yield: | 3.94%
|
| Spread: | 150 bps over Canada bond curve
|
|
|
| Thirty-year notes reopening
|
| Amount: | C$250 million
|
| Maturity: | Aug. 27, 2042
|
| Coupon: | 4.24%
|
| Price: | 92.824
|
| Yield: | 4.694%
|
| Spread: | 178 bps over Government of Canada benchmark
|
| Total outstanding: C$650 million
|
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