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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS


On April 12, 2018, we completed an offering of $750 million of fixed-to-floating rate subordinated
notes that mature in 60 years and are callable on or after year 10. For the initial 10 years, the notes carry
a fixed interest rate of 6.625%. After the initial 10 years, the interest rate will be set to equal the Canadian Dollar Offered Rate plus a margin of 432 basis points from years 10 to 30, and a margin of 507 basis points from years 30 to 60.

On April 12, 2018, we completed an offering of US$600 million of fixed-to-floating rate subordinated
notes that mature in 60 years and are callable on or after year 5. For the initial 5 years, the notes carry a fixed interest rate of 6.375%. After the initial 5 years, the interest rate will be set to equal the three-month LIBOR plus a margin of 359 basis points from years 5 to 10, a margin of 384 basis points from years 10 to 25, and a margin of 459 basis points from years 25 to 60.

On April 30, 2018, Sabal Trail Transmission, LLC (Sabal Trail), a joint venture in which SEP owns a 50% interest, issued US$500 million in aggregate principal amount of 4.246% senior notes due in 2028,
US$600 million in aggregate principal amount of 4.682% due in 2038 and US$400 million in aggregate principle amount of 4.832% due in 2048. Sabal Trail distributed net proceeds from the offering to the partners as a partial reimbursement of construction and development costs incurred by the partners. The net contribution made to SEP was approximately US$750 million to be used to pay down indebtedness.

On May 9, 2018 we entered into agreements with the Canadian Pension Plan Investment Board to sell a 49% interest in all of our Canadian renewable energy generation assets, 49% of two large United States renewable assets and 49% of our interest in the Hohe See Offshore wind farm and its subsequent expansion, both concurrently under construction in Germany (collectively, the Assets). Initial proceeds from the transaction are $1.75 billion. In addition, our partner will fund their pro-rata share of the remaining capital on the Hohe See Offshore wind project. We will maintain a 51% interest in the Assets and continue to manage, operate and provide administrative services for the Assets. The transaction is subject to closing adjustments and conditions customary in transactions of this nature. Closing is expected to occur during the third quarter of 2018 subject to the receipt of all necessary regulatory approvals and consents.

On May 9, 2018 our indirect subsidiary, Enbridge (U.S.) Inc. entered into a definitive agreement to sell Midcoast Operating, L.P. and its subsidiaries (Sales Agreement), which conducts our United States natural gas and NGL gathering, processing, transportation and marketing businesses, to AL Midcoast Holdings, LLC (an affiliate of ArcLight Capital Partners, LLC) for a cash purchase price of US$1.1 billion, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2018, subject to receipt of customary regulatory approvals and satisfaction of other customary closing conditions.