By Cristal Cody
Tupelo, Miss., Nov. 13 – Enbridge Inc. priced $2 billion of senior notes (Baa2/BBB+) in three tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
A $500 million tranche of 2.5% notes due Jan. 15, 2025 priced at 99.814 to yield 2.538%, or a spread of 85 basis points over Treasuries.
The company sold $1 billion of 3.125% 10-year notes at 99.923 to yield 3.134%. The notes priced with a Treasuries plus 125 bps spread.
Enbridge priced $500 million of 4% 30-year notes at 170 bps over Treasuries. The notes priced at 98.845 to yield 4.067%.
Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., SMBC Nikko Securities America Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC were the bookrunners.
The notes are guaranteed by Enbridge Energy Partners, LP and Spectra Energy Partners, LP.
Proceeds will be used to refinance, redeem or repurchase debt and for other general corporate purposes.
The oil and gas distribution and transportation company is based in Calgary, Alta.
| Issuer: | Enbridge Inc.
|
| Guarantors: | Enbridge Energy Partners, LP and Spectra Energy Partners, LP
|
| Amount: | $2 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., SMBC Nikko Securities America Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC
|
| Co-managers: | SunTrust Robinson Humphrey, Inc., BB&T Capital Markets, KeyBanc Capital Markets Inc. and Loop Capital Markets LLC
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
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| Amount: | $500 million
|
| Maturity: | Jan. 15, 2025
|
| Coupon: | 2.5%
|
| Price: | 99.814
|
| Yield: | 2.538%
|
| Spread: | Treasuries plus 85 bps
|
| Call features: | Make-whole call before Dec. 15, 2024 at Treasuries plus 15 bps; thereafter at par
|
|
|
| 10-year notes
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| Amount: | $1 billion
|
| Maturity: | Nov. 15, 2029
|
| Coupon: | 3.125%
|
| Price: | 99.923
|
| Yield: | 3.134%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call before Aug. 15, 2029 at Treasuries plus 20 bps; thereafter at par
|
|
|
| 30-year notes
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| Amount: | $500 million
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| Maturity: | Nov. 15, 2049
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| Coupon: | 4%
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| Price: | 98.845
|
| Yield: | 4.067%
|
| Spread: | Treasuries plus 170 bps
|
| Call features: | Make-whole call before May 15, 2049 at Treasuries plus 30 bps; thereafter at par
|
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