Transaction|October 5, 2022

Athabasca Indigenous Midstream LP issues bonds

Torys acted as counsel to Athabasca Indigenous Midstream LP with a team that included Peter Danner, Michael Zackheim, Jon McDonald and Logan Orr (corporate/capital markets), Kevin Fougere and Tyrel Henderson (lending), Craig Maurice and Steve Marshall (tax).

On September 27, 2022, Athabasca Indigenous Midstream Limited Partnership (“AIM LP”), a wholly-owned subsidiary of Enbridge Inc., priced a private placement of C$865.246 million principal amount of 6.069% senior secured amortizing bonds, Series 1 due February 5, 2042.

The bonds are being offered on an agency basis by BMO Nesbitt Burns Inc.

Closing of the private placement took place on October 5, 2022. The net proceeds of the offering are expected to be used to finance a portion of the contribution amount for AIM LP’s indirect acquisition of an 11.57% non-operating interest in seven Enbridge-operated pipelines in northern Alberta.

It is expected that Athabasca Indigenous Investments (a newly created limited partnership of 23 diverse Treaty 6 and Treaty 8 First Nations and Métis communities located in northern Alberta) will acquire AIM LP concurrently with the closing of the private placement and contribution transactions noted above.