Enbridge offers guaranteed sustainability and conventional notes

Chicago, March 6 – Enbridge Inc. is marketing two tranches of senior notes, according to a 424B5 filed with the Securities and Exchange Commission on Monday morning.

The notes will be guaranteed by Enbridge Energy Partners, LP and Spectra Energy Partners, LP.

One tranche will be marked as sustainability-linked. The other tranche will be conventional.

The sustainability-linked tranche will be subject to a step-up coupon if the company fails to meet a GHG intensity performance target and receive external verification by a certain date.

Both notes are callable at any time. Before specified par call dates, the notes will be callable with make-whole premiums.

J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are working as bookrunners.

Deutsche Bank Trust Co. Americas is the trustee.

McCarthy Tetrault LLP and Sullivan & Cromwell are doing legal work for the issuer. Baker Botts LLP and Osler, Hoskin & Harcourt LLP are working as counsel for the underwriters.

Proceeds will be used to reduce debt, to partially fund capital projects and for other general corporate purposes.

Enbridge is an energy infrastructure company based in Calgary, Alta.

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