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    ENB   CA29250N1050

ENBRIDGE INC.

(ENB)
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Enbridge : raises funds from sustainability bonds in climate-goal push

06/28/2021 | 10:19pm EDT
The entrance to Enbridge Inc.'s crude oil storage tank farm in Cushing

(Reuters) - Enbridge Inc said on Monday it has closed its inaugural sustainability-linked bond (SLB), the first company in the midstream sector to raise sustainable bonds in North America, as it moves a step closer to its environment goals.

Enbridge said in a statement that as part of a larger $1.5 billion financing, it issued a $1 billion 12-year term senior note, integrating emissions and inclusion goals into the financing terms.

The energy infrastructure firm said it also closed a 30-year $500 million term senior note issuance with a coupon of 3.4%.

The SLB carries a coupon of 2.5%, Enbridge said, adding that the proceeds from the issuance will be used mainly to repay existing indebtedness, partially fund capital projects.

The Calgary, Alberta-based company had published a framework of the SLB a few weeks ago that laid out the principles for bond issuance and performance indicators that impact its borrowing costs. https://bit.ly/3hw3sQX

Enbridge has been under the scanner of environmental campaigners as they have argued for years that there is a risk its Line 5 oil pipeline in Michigan, built in 1953, could rupture in the Straits of Mackinac.

(Reporting by Vishal Vivek in Bengaluru, Editing by Sherry Jacob-Phillips)


ę Reuters 2021
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Analyst Recommendations on ENBRIDGE INC.
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Financials
Sales 2021 44 644 M 35 295 M 35 295 M
Net income 2021 5 595 M 4 424 M 4 424 M
Net Debt 2021 72 077 M 56 983 M 56 983 M
P/E ratio 2021 17,9x
Yield 2021 6,58%
Capitalization 103 B 81 064 M 81 212 M
EV / Sales 2021 3,92x
EV / Sales 2022 3,69x
Nbr of Employees 11 200
Free-Float 86,4%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 50,71 CAD
Average target price 54,92 CAD
Spread / Average Target 8,30%
EPS Revisions
Managers and Directors
Albert Monaco President, CEO & Non-Independent Director
Colin K. Gruending Chief Financial Officer & Executive Vice President
Gregory Lorne Ebel Non-Executive Chairman
Bhushan Ivaturi Chief Information Officer & Senior Vice President
Tyler W. Robinson Chief Compliance Officer & VP-Enterprise Security
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