On December 19, 2016, Enbridge Inc. completed a US$750 million offering of Fixed-to-Floating Subordinated Notes. These hybrid notes were introduced in June 2016 and provide the issuer with 50% equity credit for rating agency purposes.
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 of the offering with a team consisting of John Macfarlane and Rob Lando (Corporate) as well as Tim Hughes (Tax).