By Cristal Cody
Prospect News, Nov. 27 - Enbridge Pipelines Inc. priced C$150 million in an offering of 2.93% 10-year medium-term notes (/A-/DBRS: A) at 99.983 to yield 2.932% on Tuesday, according to an informed bond source.
The notes due Nov. 30, 2022 priced on top of guidance at a spread of 113 basis points over the interpolated Government of Canada bond curve.
TD Securities Inc. was the bookrunner.
Proceeds will be used to repay short-term debt and for general corporate purposes.
Enbridge Pipelines was last in the Canadian debt markets over the summer with a 100-year bond offering. The company on July 17 sold C$100 million of 4.1% medium-term notes due July 18, 2112 (DBRS: A) at par to yield 185 bps over the Government of Canada benchmark.
The company is a unit of Enbridge Inc., a Calgary, Alta.-based oil and gas distributor and transportation company.
| Issuer: | Enbridge Pipelines Inc.
|
| Amount: | C$150 million
|
| Maturity: | Nov. 30, 2022
|
| Securities: | Medium-term notes
|
| Bookrunner: | TD Securities Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc., CIBC World Markets Inc. Desjardins Securities Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., RBC Capital Markets, Scotia Capital Inc.
|
| Coupon: | 2.93%
|
| Price: | 99.983
|
| Yield: | 2.932%
|
| Spread: | 113 bps over Canadian bond curve
|
| Call feature: | 28 bps plus Government of Canada benchmark
|
| Pricing date: | Nov. 27
|
| Settlement date: | Nov. 30
|
| Ratings: | Standard & Poor's: A-
|
| DBRS: A
|
| Distribution: | Canada
|
| Price talk: | 113 bps over Canadian bond curve
|
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