Stonlasec8 Indigenous Holdings Limited Partnership completed the acquisition of 12.50% stake in Westcoast Natural Gas Pipeline System of Enbridge Inc. for approximately CAD 740 million.
Stonlasec8 Indigenous Holdings Limited Partnership agreed to acquire 12.50% stake in Westcoast Natural Gas Pipeline System of Enbridge Inc. (TSX:ENB) for approximately CAD 720 million on May 15, 2025. Stonlasec8 has also reached an agreement with Canada Indigenous Loan Guarantee Corporation (CILGC), a subsidiary of Canada Development Investment Corporation (CDEV), on a CAD 400 million loan guarantee to support the transaction. The agreement is subject to completion of required financing, closing conditions and customary closing adjustments. The transaction is expected to close at the end of the second quarter of 2025.
TD Securities Inc. is acting as financial advisor to Stonlasec8, Boughton Law Corporation as legal counsel, and MNP LLP as tax and business advisor. RBC Capital Markets Inc. acted as financial advisor to Enbridge Inc. (TSX:ENB).
Stonlasec8 Indigenous Holdings Limited Partnership acquired 12.50% stake in Westcoast Natural Gas Pipeline System of Enbridge Inc. (TSX:ENB) for approximately CAD 740 million on July 2, 2025. To fund the transaction, Stonlasec8 Indigenous Investments issued CAD 336.046 million of 5.168% senior secured amortizing bonds, Series 1, due July 6, 2055. The remaining funding for the investment was provided by an issuance of CAD 400 million of government guaranteed bonds, representing the first transaction for the recently established Canada Indigenous Loan Guarantee Corporation, by a limited partnership controlled by the same alliance of First Nations.
George Antonopoulos, Vivek Bakshi, Lucas Tomei, Hugh Drummond, George Antonopoulos, John Cusano, William D. Davis II, and William (Bill) K. Jenkins of Dentons acted as legal counsel to the placement agents for the senior bond offering, RBC Capital Markets, Scotia Capital Inc., and Cedar Leaf Capital Inc., in connection with all aspects of the limited recourse structuring, the negotiation of arrangements with the holders of the guaranteed bonds and the issuance of the senior bonds on a private placement basis. Dentons also advised Royal Bank of Canada in connection with a concurrent letter of credit facility.
Enbridge Inc. is an energy transportation and distribution company. The Company's segments include Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. Liquids Pipelines consists of pipelines and terminals in Canada and United States that transport and export various grades of crude oil and other liquid hydrocarbons, including the Mainline System, Regional Oil Sands System, Gulf Coast and Mid-Continent, and Other. Gas Transmission consists of its investments in natural gas pipelines and gathering and processing facilities in Canada and United States, including United States Gas Transmission, Canadian Gas Transmission, United States Midstream, and Other. Gas Distribution and Storage consists of its rate-regulated natural gas utility operations in Canada and United States. Renewable Power Generation consists primarily of investments in wind and solar assets, as well as equity interests in geothermal power and power transmission assets.
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Stonlasec8 Indigenous Holdings Limited Partnership completed the acquisition of 12.50% stake in Westcoast Natural Gas Pipeline System of Enbridge Inc. for approximately CAD 740 million.
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