By Wendy Van Sickle
Columbus, Ohio, Feb. 15 – Enbridge Inc. priced $1.5 billion of fixed- and floating-rate senior notes in three tranches on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $400 million of 2.15% two-year notes at 99.916 to yield 2.193%, or a spread over Treasuries of 63 basis points.
The company also priced $600 million of two-year floating-rate notes at par with a coupon of SOFR plus 63 bps.
Finally, the company priced $500 million of 2.5% three-year notes at 99.934 to yield 2.523%, or a spread over Treasuries of 73 bps.
The notes are guaranteed by Spectra Energy Partners, LP and Enbridge Energy Partners, LP.
BofA Securities, Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are the bookrunners.
The fixed-rate notes will have a make-whole call option. All three series of notes will also be callable in whole if 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
|
| Amount: | $1.5 billion
|
| Issue: | Senior notes and floating-rate senior notes
|
| Bookrunners: | BofA Securities, Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc.
|
| Co-managers: | Loop Capital Markets LLC, Academy Securities, Inc., AmeriVet Securities, Inc., C.L. King & Associates, Inc. and Roberts & Ryan Investments, Inc.
|
| Pricing date: | Feb. 15
|
| Settlement date: | Feb. 17
|
|
|
| Notes due 2024
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| Amount: | $400 million
|
| Maturity: | Feb. 16, 2024
|
| Coupon: | 2.15%
|
| Price: | 99.916
|
| Yield: | 2.193%
|
| Spread: | Treasuries plus 63 bps
|
| Call: | Make-whole call at Treasuries plus 10 bps until maturity
|
| Cusip: | 29250NBK0
|
|
|
| Floaters due 2024
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| Amount: | $600 million
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| Maturity: | Feb. 16, 2024
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| Coupon: | SOFR plus 63 bps
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| Price: | Par
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| Yield: | SOFR plus 63 bps
|
| Call: | None
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| Cusip: | 29250NBM6
|
|
|
| Notes due 2025
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| Amount: | $500 million
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| Maturity: | Feb. 14, 2025
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| Coupon: | 2.5%
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| Price: | 99.934
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| Yield: | 2.523%
|
| Spread: | Treasuries plus 73 bps
|
| Call: | Make-whole call at Treasuries plus 12.5 bps
|
| Cusip: | 29250NBL8
|
|
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