Enbridge Inc.

The underwriters in the US$1 billion hybrid note offering by Enbridge

Client

The underwriters led by Deutsche Bank

Value

US$1 billion

Date Closed

July 2017

Lead Office

Toronto


On July 14, 2017, Enbridge Inc. completed a USD $1B Fixed-to-Floating Subordinated Notes Series 2017-A offering. The Notes will mature on July 15, 2077 and Enbridge will pay interest at an initial fixed rate of 5.50% per year. These innovative hybrid notes provide the issuer with 50% equity credit for rating agency purposes. When they were introduced in June 2016 Osler was Highly Commended for its structuring work as part of the Financial Times Innovative Lawyers Awards.

Enbridge operates the world’s longest crude oil and liquids transportation system across Canada and the United States, and owns and operates Canada’s largest natural gas distribution company.

Osler, Hoskin & Harcourt LLP advised the underwriters, led by Deutsche Bank, with a team consisting of John Macfarlane (Corporate) and Timothy Hughes (Tax).


Team
John  Macfarlane
Key Contact

John Macfarlane

Partner, Corporate

Timothy  Hughes

Timothy Hughes

Partner, Taxation