By Andrea Heisinger
New York, Sept. 6 - Enbridge Energy Partners, LP sold $750 million of notes (Baa2/BBB/) in two parts on Tuesday, according to a source close to the trade.
The $600 million of 4.2% 10-year notes priced at 99.798 to yield 4.225% with a spread of Treasuries plus 225 basis points. The notes have a make-whole call at Treasuries plus 35 bps.
Enbridge also reopened its 5.5% notes due 2040 to add $150 million. The new notes were priced at 98.405 with a spread of 237.5 bps over Treasuries. There is a make-whole call at Treasuries plus 30 bps.
Total issuance is $550 million, including $400 million sold on Sept. 8 at 180 bps over Treasuries.
Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay a portion of outstanding commercial paper, to repay credit facility borrowings to fund a portion of capital expansion projects and for general corporate purposes.
The energy transport and storage company is based in Houston.
| Issuer: | Enbridge Energy Partners, LP
|
| Issue: | Notes
|
| Amount: | $750 million
|
| Bookrunners: | Citigroup Global Markets Inc., RBS Securities Inc., Wells Fargo Securities LLC
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 15
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | Sept. 15, 2021
|
| Coupon: | 4.2%
|
| Price: | 99.798
|
| Yield: | 4.225%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
|
|
| Notes due 2040
|
| Amount: | $150 million, reopened
|
| Maturity: | Sept. 15, 2040
|
| Coupon: | 5.5%
|
| Price: | 98.405
|
| Yield: | 5.612%
|
| Spread: | Treasuries plus 237.5 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Total issuance: | $550 million, including $400 million sold Sept. 8, 2010 at 180 bps
|
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