By Aleesia Forni
Virginia Beach, Oct. 1 – Enbridge Energy Partners LP sold $1.6 billion of senior notes (Baa3/BBB) in tranches due 2020, 2025 and 2045 on Thursday, according to an informed source.
Priced was a $500 million tranche of 4.375% five-year notes at 99.464 with a yield of 4.495%. The issue sold at 312.5 basis points over Treasuries.
A $500 million tranche of 5.875% 10-year notes sold with a Treasuries plus 387.5 bps spread. Pricing was at 99.654 to yield 5.921%.
A $600 million tranche of 7.375% 30-year bonds priced at 98.665 to yield 7.487%, or Treasuries plus 462.5 bps.
All three tranches came on top of price guidance.
Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.
Proceeds will be used to repay a portion of outstanding commercial paper, to repay any credit facility borrowings that are outstanding, to fund a portion of a capital expansion projects and the costs for unwinding certain interest hedging arrangements, for general partnership purposes or any combination of such purposes.
The energy transport and storage company is based in Houston.
| Issuer: | Enbridge Energy Partners LP
|
| Issue: | Senior notes
|
| Amount: | $1.6 billion
|
| Bookrunners: | Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC
|
| Trade date: | Oct. 1
|
| Settlement date: | Oct. 6
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 15, 2020
|
| Coupon: | 4.375%
|
| Price: | 99.464
|
| Yield: | 4.495%
|
| Spread: | Treasuries plus 312.5 bps
|
| Price guidance: | Treasuries plus 312.5 bps
|
| Make-whole call: | Treasuries plus 50 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 15, 2025
|
| Coupon: | 5.875%
|
| Price: | 99.654
|
| Yield: | 5.921%
|
| Spread: | Treasuries plus 387.5 bps
|
| Price guidance: | Treasuries plus 387.5 bps
|
| Make-whole call: | Treasuries plus 50 bps
|
|
|
| 30-year bonds
|
| Amount: | $600 million
|
| Maturity: | Oct. 15, 2045
|
| Coupon: | 7.375%
|
| Price: | 98.665
|
| Yield: | 7.487%
|
| Spread: | Treasuries plus 462.5 bps
|
| Price guidance: | Treasuries plus 462.5 bps
|
| Make-whole call: | Treasuries plus 50 bps
|
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