Enbridge Inc. on March 6 announced the pricing of Spectra Energy Capital LLC's cash tender offer to purchase two series of its senior notes with a total value of $279.5 million.
The tender offer involves the purchase of $167.0 million of 6.75% senior unsecured notes due 2032 and $112.5 million of 7.50% senior unsecured notes due 2038.
Spectra Energy Capital will pay total consideration of $1,244.95 for each $1,000 principal amount of the 2032 notes and $1,344.82 for each $1,000 of the 2038 notes tendered and accepted for payment, plus accrued and unpaid interest up to, but not including, March 9.
The tender offer is scheduled to expire at 5 p.m. ET on March 6.
JP Morgan Securities LLC is serving as dealer manager for the offer, while D.F. King & Co. Inc. is acting as the information agent.
Enbridge is a Calgary, Alberta-based energy infrastructure company with operations in the crude oil, liquids and natural gas industries in North America. Spectra Energy Capital, a wholly owned subsidiary of Enbridge, owns and operates natural gas transmission, storage, gathering and processing assets and other natural gas assets in North America.
