Enbridge to price tap of 3.4% notes due 2051, new notes in two parts

By Marisa Wong

Los Angeles, Sept. 29 – Enbridge Inc. plans to price two new tranches of senior notes as well as a tap issue of its 3.4% senior notes due Aug. 1, 2051, according to a 424B5 filing with the Securities and Exchange Commission.

The add-on 2051 notes will be consolidated and form a single series with the $500 million of existing 2051 notes issued in June.

Deutsche Bank Securities Inc., Mizuho Securities USA LLC, MUFG and Wells Fargo Securities, LLC are the joint bookrunners.

Indirect wholly owned subsidiaries Enbridge Energy Partners, LP and Spectra Energy Partners, LP are the guarantors.

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.

Enbridge is a Calgary, Alta.-based energy infrastructure company with a network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation assets.

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