S&C Advises Enbridge in Inaugural $1 Billion Sustainability Bond Offering

July 1, 2021

Enbridge Inc. completed its $1 billion inaugural sustainability bond offering on June 28. The notes are the first sustainability-linked bond sold by a North American pipeline company and were issued pursuant to Enbridge's new Sustainability-Linked Bond Framework. The Framework ties certain provisions to greenhouse gas emissions and workforce diversity targets. On the same day, Enbridge also completed an offering of $500 million of senior notes.
Enbridge is a leading North American energy infrastructure company. Enbridge's core businesses transport 25 percent of the crude oil produced in North America, 20 percent of the natural gas consumed in the United States, serve retail customers in Canada and generate net renewable power in North America and Europe.
Credit Suisse Securities (USA) LLC, BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc. led the underwriting group.
The S&C team included Cathy Clarkin, Ben Kuder, Sam Saunders, Josh Levin and Ayoung Kim. Saul Brander and Zach Feldman advised on tax matters. Kirsten Rodger advised on EU and UK matters.