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    Home /  About /  News And Events /  Client Highlights
    Client Highlights

    S&C Advises Energy Company Enbridge on SOFR-Linked Financing

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    February 26, 2021

    Canadian energy firm Enbridge Inc. became the world’s first non-financial issuer to sell debt linked to the Secured Overnight Financing Rate, or SOFR, a U.S. replacement for Libor. On February 19, Enbridge closed an SEC-registered offering of $500 million of floating rate senior notes due 2023, which use a compounded SOFR benchmark.

    Enbridge saw strong demand for the new debt, with the offering nearly six times oversubscribed.

    SOFR was recommended by the Federal Reserve’s Alternative Reference Rate Committee as a replacement for LIBOR, and a phase-out is scheduled for the end of this year.

    Deutsche Bank Securities Inc. and TD Securities (USA) LLC acted as joint bookrunning managers.

    The S&C team advising Enbridge was led by Robert Buckholz and included Benjamin Kuder. Saul Brander advised on tax matters and Kirsten Rodger advised on EU and UK matters.

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    Saul Brander
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    Robert E. Buckholz Headshot Photo
    Robert E. Buckholz
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