Enbridge Inc. closed its $850 million offering of its 6.25% fixed-to-floating rate series 2018-A unsecured subordinated notes, due March 1, 2078.
The company expects to use net proceeds to help fund capital projects, reduce debt and for other general corporate purposes.
Interest on the fixed rate notes is payable semiannually March 1 and Sept. 1 of each year, starting Sept. 1. Interest on the floating rate notes is payable quarterly March 1, June 1, Sept. 1 and Dec. 1 of each year, starting March 1, 2028, according to a March 1 SEC filing.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. acted as joint book-running managers, while HSBC Securities (USA) Inc., MUFG Securities Americas Inc. and Wells Fargo Securities LLC served as co-managers.
