Enbridge Inc. (NYSE: ENB) and its subsidiary Enbridge Pipelines Inc. announced a proposal to exchange all outstanding medium term note debentures of the subsidiary for newly issued Enbridge notes with identical financial terms.

The exchange would involve 14 series of notes with coupons ranging from 2.82% to 6.55% and maturity dates from November 2027 to August 2053. EPI noteholders would receive amendment review fees of $1.50 to $5.00 per $1,000 principal amount if the proposal is approved.

The companies are seeking approval from holders of at least 75% of the aggregate principal amount of EPI notes through written consent by June 10, 2026. If sufficient consent is not received, a meeting will be held June 25, 2026, in Calgary.

The new Enbridge notes would be governed by Enbridge's existing medium term note trust indenture dated October 20, 1997. BMO Capital Markets serves as solicitation agent, with Computershare Investor Services Inc. as tabulation agent and Sodali & Co. as information agent.

The record date for determining eligible noteholders was set as May 20, 2026. EPI can extend or modify the consent deadline at its discretion.

The notes to be exchanged include issues with various coupons and maturities, with the longest-dated note maturing in 2053. Amendment review fees vary based on the maturity date, with shorter-term notes receiving $1.50 per $1,000 and longer-term notes receiving up to $5.00 per $1,000.

According to the press release, the transaction aims to provide EPI operational flexibility while delivering benefits to the subsidiary, parent company, and noteholders.