By Andrea Heisinger
Omaha, Sept. 24 - Enbridge Energy Partners, LP priced an upsized $400 million of 30-year hybrid notes on Monday at Treasuries plus 345 basis points, an informed source said.
The issue was originally $300 million.
The notes (Baa3/BB+/BB) priced at 99.822 to yield 8.076% and are non-callable for 10 years.
They have a coupon of 8.05% until Oct. 1, 2017 when the notes become floaters with a rate of three-month Libor plus 380 bps.
Bookrunners were Merrill Lynch, Pierce, Fenner & Smith Inc., Lehman Brothers Inc. and Wachovia Capital Markets LLC.
Proceeds will be used to repay outstanding commercial paper issued to finance a portion of the company's capital expansion project or to repay borrowings under its credit facility.
Enbridge is a Houston-based energy company.
| Issuer: | Enbridge Energy Partners, LP
|
| Issue: | Hybrid notes
|
| Amount: | $400 million, upsized from $300 million
|
| Maturity: | Oct. 1, 2037
|
| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith Inc., Lehman Brothers Inc., Wachovia Capital Markets LLC
|
| Coupon: | 8.05% until Oct. 1, 2017, then floating rate of three-month Libor plus 380 bps
|
| Price: | 99.822
|
| Yield: | 8.076%
|
| Spread: | Treasuries plus 345 bps
|
| Call: | Non-callable for 10 years
|
| Trade date: | Sept. 24
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BB+
|
| Fitch: BB
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
