By Cristal Cody
Prospect News, Feb. 21 - Enbridge Income Fund raised an upsized C$500 million in two tranches of medium-term notes (Baa2/DBRS: BBB) on Tuesday, an informed bond source said.
Enbridge sold an upsized C$300 million of 4.1% seven-year notes at 99.808 to yield 4.132%, or a spread of 235 basis points over the Canadian bond curve.
The notes due Feb. 22, 2019 are redeemable at 58.5 bps over the Canadian benchmark.
In the second tranche, Enbridge priced C$200 million of 4.85% 10-year notes at 99.875 to yield 4.866%, or 270 bps over the bond curve. The notes due Feb. 22, 2022 have a call feature at 67.5 bps over the Canadian benchmark.
CIBC World Markets Inc., BMO Capital Markets Corp. and National Bank Financial were the lead managers.
Enbridge was last in the market in December with an offering of C$125 million of 4% medium-term notes due 2018, priced at par.
Calgary, Alta.-based Enbridge Income Fund focuses on investments in energy infrastructure assets.
| Issuer: | Enbridge Income Fund
|
| Amount: | C$500 million
|
| Securities: | Medium-term notes
|
| Bookrunners: | CIBC World Markets Inc., BMO Capital Markets Corp., National Bank Financial
|
| Pricing date: | Feb. 21
|
| Settlement date: | Feb. 24
|
| Ratings: | Moody's: Baa2
|
| DBRS: BBB
|
| Distribution: | Canada
|
|
|
| Notes due 2019
|
| Amount: | C$300 million
|
| Maturity: | Feb. 22, 2019
|
| Coupon: | 4.1%
|
| Price: | 99.808
|
| Yield: | 4.132%
|
| Spread: | 235 bps over Canadian bond curve
|
| Call feature: | 58.5 bps plus Canada bond
|
|
|
| Notes due 2022
|
| Amount: | C$200 million
|
| Maturity: | Feb. 22, 2022
|
| Coupon: | 4.85%
|
| Price: | 99.875
|
| Yield: | 4.866%
|
| Spread: | 270 bps over Canadian bond curve
|
| Call feature: | 67.5 bps plus Canada bond
|
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