Published on 9/26/2013 in the Prospect News Investment Grade Daily.
New Issue: Enbridge details $1.15 billion two-part issue of three-, 10-year notes
By Aleesia Forni
Virginia Beach, Sept. 26 - Enbridge Inc. detailed its $1.15 billion two-part issue of notes in due 2016 and 2023, according to a filing with the Securities and Exchange Commission.
The deal included $350 million three-year floating-rate notes priced at par to yield Libor plus 65 basis points.
There was also $800 million 4% notes due 2023 sold with a spread of Treasuries plus 150 bps.
Pricing was at 99.001 to yield 4.123%.
BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P Morgan Securities LLC, Citigroup Global markets Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for capital expenditures and for general corporate purposes.
Enbridge is a Calgary, Alta.-based oil and gas distributor and transportation company.
| Issuer: | Enbridge Inc.
|
| Issue: | Senior notes
|
| Amount: | $1.15 billion
|
| Trade date: | Sept. 25
|
| Settlement date: | Oct. 2
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc.
|
| Co-Managers: | UBS Securities LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., RBS Securities Inc., SG Americas Securities, LLC, Mizuho Securities USA Inc., SMBC Nikko Securities America, Inc., DNB Markets, Inc., Mitsubishi UFJ Securities (USA), Inc., Credit Agricole Securities (USA) Inc. and U.S. Bancorp Investments, Inc.
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
|
|
| Three-year floaters
|
| Amount: | $350 million
|
| Maturity: | Oct. 1, 2016
|
| Coupon: | Libor plus 65 bps
|
| Price: | Par
|
| Yield: | Libor plus 65 bps
|
|
|
| 10-year notes
|
| Amount: | $800 million
|
| Maturity: | Oct. 1, 2023
|
| Coupon: | 4%
|
| Price: | 99.001
|
| Spread: | Treasuries plus 150 bps
|
| Make-whole call: | Treasuries plus 25 bps
|
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