By Cristal Cody
Prospect News, Nov. 17 - Enbridge Gas Distribution Inc. priced C$400 million in a two-part sale of medium-term notes (/A/A-/) on Wednesday, a source said.
The company sold C$200 million 4.04% notes due Nov. 23, 2020 at 99.959 to yield 4.045%, or a spread of 94.2 bps over the Government of Canada benchmark bond due June 2020. The notes were talked at 94 bps, plus or minus 2 bps.
In the second tranche of long bonds, Enbridge Gas sold C$200 million 4.95% bonds due Nov. 22, 2050 at 99.792 to yield 4.962%, or a spread of 126 bps over the Government of Canada benchmark bond due 2037. Guidance on the notes was given at 126 bps, plus or minus 2 bps.
The bookrunners were TD Securities Inc. and RBC Capital Markets Corp.
Co-managers were BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., Bank of America Merrill Lynch and National Bank Financial.
Calgary, Alta.-based Enbridge Gas owns Canada's largest natural gas distribution company.
| Issuer: | Enbridge Gas Distribution Inc.
|
| Amount: | C$400 million
|
| Securities: | Medium-term notes
|
| Bookrunners: | TD Securities Inc., RBC Capital Markets Corp.
|
| Co-managers: | BMO Nesbitt Burns Inc.; CIBC World Markets Inc.; Desjardins Securities Inc.; Bank of America Merrill Lynch; National Bank Financial
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 22
|
| Ratings: | Moody's: A
|
| Standard & Poor's: A-
|
| Distribution: | Canada
|
|
|
| 10-year notes
|
| Amount: | C$200 million
|
| Maturity: | Nov. 23, 2020
|
| Coupon: | 4.04%
|
| Price: | 99.959
|
| Yield: | 4.045%
|
| Spread: | 94.2 bps over Government of Canada benchmark bond due June 2020
|
| Price talk: | 94 bps, plus or minus 2 bps
|
|
|
| 40-year bonds
|
| Amount: | C$200 million
|
| Maturity: | Nov. 22, 2050
|
| Coupon: | 4.95%
|
| Price: | 99.792
|
| Yield: | 4.962%
|
| Spread: | 126 bps over Government of Canada benchmark bond due June 2037
|
| Price talk: | 126 bps, plus or minus 2 bps
|
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