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Enbridge subsidiary offers to buy back $279.5M of senior notes

Enbridge Inc. subsidiary Spectra Energy Capital LLC launched a 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, according to a Feb. 28 news release.

The tender offer is scheduled to expire 5 p.m. ET on March 6. J.P. Morgan Securities LLC is serving as dealer manager for the tender offer, while D.F. King & Co. Inc. is acting as the information agent and depositary.

In addition, Spectra Energy Capital notified holders that it is planning to redeem all of its 5.65% senior unsecured notes due 2020, of which $163 million is outstanding, and 3.30% senior unsecured notes due 2023, of which $498 million is outstanding. The redemption is expected to be completed March 27. Spectra Energy Capital has two remaining series of notes due in April and July, and the company would repay the $390 million of outstanding notes upon maturity. Enbridge would no longer issue public securities from Spectra Energy Capital in the future.

Spectra Energy Capital owns and operates natural gas transmission, storage, gathering and processing assets and other natural gas assets in North America. Enbridge is a Calgary, Alberta-based energy infrastructure company with operations in the crude oil, liquids and natural gas industries in North America.