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Enbridge partnerships seek consent to amend note indentures

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Enbridge partnerships seek consent to amend note indentures

Enbridge Inc. subsidiaries Enbridge Energy Partners LP and Spectra Energy Partners LP are seeking consents from holders of certain series of notes to amend the indentures governing the notes.

Under the proposed indenture amendments, Enbridge would be required to follow reporting obligations, with respect to the notes, that are similar to the ones for the energy transportation conglomerate's U.S. dollar denominated senior notes, according to a Jan. 8 release. The amendments will also add provisions that will implement the unconditional guarantee of a series of notes by Enbridge.

The amendments would be for the indentures governing Enbridge Energy Partners' 9.875% notes due 2019, 5.200% notes due 2020, 4.375% notes due 2020, 4.200% notes due 2021, 5.875% notes due 2025, 5.950% notes due 2033, 6.300% notes due 2034, 7.500% notes due 2038, 5.500% notes due 2040, and 7.375% notes due 2045.

Also included in the amendments will be Spectra Energy Partners' floating-rate senior notes due 2020, 4.600% senior notes due 2021, 4.750% senior notes due 2024, 3.500% senior notes due 2025, 3.375% senior notes due 2026, 5.950% senior notes due 2043, and 4.500% senior notes due 2045.

Each subsidiary will pay consenting note holders $1.00 per $1,000 of the notes on or before the solicitations' expiry time of 5 p.m. ET on Jan. 18.

In December 2018, the Alberta-based Enbridge completed its mergers with Enbridge Energy Partners and Spectra Energy Partners, both based in Houston, as part of a series of deals to simplify its corporate structure.