Enbridge Inc. sold $850 million of its 6.25% fixed-to-floating rate series 2018-A unsecured subordinated notes, due March 1, 2078, according to a Feb. 26 free writing prospectus.
Interest on the fixed rate notes is payable semiannually on March 1 and Sept. 1 of each year, starting Sept. 1. Interest on the floating rate notes is payable quarterly on March 1, June 1, Sept. 1 and Dec. 1 of each year, starting March 1, 2028.
The notes were expected to be rated Ba2 by Moody's and BBB- by Fitch Ratings and S&P Global Ratings.
Enbridge intends to use net proceeds to partially fund capital projects, to reduce existing debt and for other general corporate purposes.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. acted as joint book-running managers.
HSBC Securities (USA) Inc., MUFG Securities Americas Inc. and Wells Fargo Securities LLC served as co-managers.
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