Enbridge offers senior notes in parts due 2027, 2029, 2034, 2054

By Mary-Katherine Stinson

Lexington, Ky., April 2 – Enbridge Inc. is marketing five tranches of senior notes, one tranche with a floating rate, with maturities in 2027, 2029, 2034 and 2054, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are guaranteed by indirect wholly owned subsidiaries Enbridge Energy Partners, LP and Spectra Energy Partners, LP.

The 2027 notes will be divided into a floating-rate tranche and a fixed-rate tranche.

The floating-rate notes will bear interest at compounded SOFR plus an applicable margin.

Each of the fixed-rate tranches feature a make-whole call, followed by a par call. Each series will also be callable at par due to any changes in Canadian tax law.

BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and SMBC Nikko Securities America, Inc. are the joint bookrunners.

Deutsche Bank Trust Co. Americas is the trustee.

McCarthy Tetrault LLP and Sullivan & Cromwell LLP are advising the issuer. Baker Botts LLP and Osler, Hoskin & Harcourt LLP are working as counsel to the underwriters.

Proceeds will be used to reduce the company’s existing debt, to finance future growth opportunities, including acquisitions, to finance capital expenditures or for other general corporate purposes.

The notes will not be sold in Canada.

Enbridge is an energy infrastructure company based in Calgary, Alta.

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