On April 12, 2018 Enbridge Inc. closed a US$600,000,000 Fixed-to-Floating Subordinated Notes Series 2018-B retail offering. The Notes will mature on April 15, 2078 and Enbridge will pay interest at an initial fixed rate of 6.375% 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 Bank of America Merrill Lynch, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities, led by John Macfarlane (Corporate) and Timothy Hughes (Tax).
