Enbridge (ENB.TO, ENB) and its unit Enbridge Pipelines (EPI) are seeking the approval of the holders (EPI noteholders) of 14 outstanding series of EPI's medium term note debentures (EPI notes) to exchange all outstanding EPI notes for an equal principal amount of newly issued medium term notes of Enbridge (Enbridge notes), having financial terms that are the same as the financial terms of the EPI notes, it said on Monday.
The Enbridge notes will be governed by its existing medium term note trust indenture dated as of Oct. 20, 1997, as amended and supplemented, which governs Enbridge's other senior Canadian dollar unsecured debt securities, it said. The note exchange transaction is being proposed to give EPI "flexibility to operate its business, while also delivering a range of operational, structural and capital markets benefits to EPI, Enbridge and the EPI Noteholders," it added.
The record date for determining the EPI noteholders entitled to vote on the note exchange transaction has been set as the close of business on May 20.
Shares of the company were last seen down 0.7% at $79.62 on the Toronto Stock Exchange.
Price: $79.62, Change: $-0.57, Percent Change: -0.71%