Enbridge Inc. surprised the market with a ‘century’ bond deal Tuesday, launching a 100-year offering that doesn’t mature until 2112.
It’s the first deal of its kind since 1997, when Nova Scotia Power launched its own century deal, according to Lawrence Park Capital Partners.
The $100-million deal comes with a coupon of 4.1 per cent, a spread of about 185 basis points over Canada’s long bonds. The offering also comes just a few weeks after Enbridge’s latest preferred share offering, which was upsized from $250-million to $450-million on strong investor demand.
BMO Nesbitt Burns led the debt issue.