Enbridge eyes sale of 60-year fixed-to-floaters via four bookrunners

By Devika Patel

Knoxville, Tenn., April 5 – Enbridge Inc. intends to price an offering of dollar-denominated fixed-to-floating subordinated notes series 2018-B due April 15, 2078, according to a 424B5 filed with the Securities and Exchange Commission.

The notes will be converted automatically into preference shares, series 2018-B upon an automatic conversion event, which occurs if the company files for bankruptcy.

Interest will accrue at a fixed rate until April 15, 2023 and then at a rate based on Libor.

The notes are callable at par beginning on April 15, 2023.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets Corp. and Wells Fargo Securities LLC are the bookrunners.

The company plans to use the proceeds for capital projects, debt reduction and other general corporate purposes.

Enbridge is a Calgary, Alta.-based oil and gas distribution and transportation company.

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