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Enbridge subsidiary's senior note buyback expires with $107M of valid tenders

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Enbridge subsidiary's senior note buyback expires with $107M of valid tenders

Enbridge Inc. said subsidiary Spectra Energy Capital LLC's tender offer for two series of its senior notes yielded nearly $107 million of valid tenders upon the offer's expiration date March 6.

Spectra Energy Capital received $64.1 million of valid tenders for its 6.75% senior unsecured notes due 2032 and $42.8 million for its 7.50% senior unsecured notes due 2038, according to a March 7 news release. The company will pay for the notes March 9, subject to certain conditions under its offer to purchase.

Holders of the 2032 notes would receive $1,244.95 in total consideration, while holders of the 2038 notes stand to get $1,344.82, for each $1,000 of the respective notes tendered and accepted for payment by Spectra Energy Capital.

J.P. Morgan Securities LLC is acting as dealer manager, and D.F. King & Co. Inc. is acting as the tender and information agent for the tender offer.

Enbridge is a Calgary, Alberta-based energy infrastructure company that operates crude oil, liquids and natural gas pipelines, distribution utilities and other assets across North America. In February 2017, Enbridge closed its C$37 billion megamerger with Spectra Energy.