On March 24, 2016, the entrance to Enbridge Inc.’s crude oil storage tank farm near Cushing, Oklahoma. The photo was taken on March 24, 2016. Nick Oxford/Nick Oxford/Nick Oxford/Nick Oxford/Nick Oxford/Nick Oxford/Nick Oxford/ Reuters, June 28 – Enbridge Inc (ENB.TO) announced on Monday that it has completed its first sustainability-linked bond (SLB), making it the first corporation in the midstream sector to do so in North America, as it works toward its environmental goals. Enbridge stated in a statement that it issued a $1 billion 12-year term senior note as part of a wider $1.5 billion transaction that included emissions and inclusion goals. The energy infrastructure company recently announced the completion of a $500 million 30-year term senior note offering with a 3.4 percent rate. The SLB has a coupon of 2.5 percent, according to Enbridge, and the revenues will be used mostly to retire existing debt and partially support capital projects. A few weeks ago, the Calgary, Alberta-based corporation released an SLB framework that outlined the rules for bond issuance as well as performance measures that affect its borrowing costs. https://bit.ly/3hw3sQXE Environmentalists have long claimed that nbridge’s Line 5 oil pipeline in Michigan, which was erected in 1953, may break in the Straits of Mackinac, putting the company under scrutiny. find out more Vishal Vivek contributed reporting from Bengaluru, and Sherry Jacob-Phillips edited the piece. The Thomson Reuters Trust Principles are our standards. Continue reading
