Enbridge’s $1 Billion Sustainability Bond Offering

Sidley Austin advised Enbridge, Inc. on the deal while Vinson & Elkins represented Moda Midstream, LLC.

Enbridge, Inc., along with Encap Flatrock Midstream, announced the acquisition of Moda Midstream Operating, LLC for US$3 billion in cash.

In the transaction, Enbridge will acquire a 100% operating interest in the Ingleside Energy Center (to be renamed the Enbridge Ingleside Energy Center (EIEC)), located near Corpus Christi, Texas. EIEC is North America’s largest crude export terminal, and loaded 25% of all U.S. Gulf Coast crude exports in 2020. The state-of-the-art terminal, built in 2018, has capability to load very large crude carriers (VLCCs), and comprises 15.6 million barrels of storage and 1.5 million barrels per day of export capacity. As part of the transaction, Enbridge will also acquire a 20% interest in the 670,000 barrel-per-day Cactus II Pipeline, a 100% operating interest in the 300,000 barrel-per-day Viola pipeline, and a 100% operating interest in the 350,000 barrel-per-day Taft Terminal. Together with EIEC, these pipeline and storage assets provide a fully integrated light crude export platform. In addition, Enbridge will acquire a 50% interest in a brownfield St. James deep-water crude and refined products terminal development opportunity.

The Sidley team was led by counsel Atman Shukla (Picture), senior counsel Glenn Pinkerton, and partner Cliff Vrielink. The team also included partners Brian Bradshaw (Energy), Emily Mallen (Energy Regulatory), Heather Palmer (Environmental), Angela Richards (Tax), and Eric Winwood (Employee Benefits and Executive Compensation), counsels Scott Goldstein (Insurance), Lauren Grau (Technology and IP Transactions), and Ash Nagdev (Privacy and Cybersecurity), as well as associates Allen Braddock (Environmental), Riley Fedechko (Energy), Radhika Kannan (Energy Regulatory), Greg Kusel (Energy Regulatory), Sarah O’Brien (Energy), and Sheri Porath Rockwell (Privacy and Cybersecurity).

The V&E corporate team was led by partners Alan Beck and Matt Falcone, with assistance from senior associate Yong Eoh and associates Kara Chung and Kene Obi. Other key team members included partner Ryan Carney and associate Adam Bateman; partner Shane Tucker and counsel Dario Mendoza; partner Sean Becker; partner David Wicklund, senior associate Caitlin Snelson and associate Frank George; partner Matthew Dobbins; counsel Sarah Mitchell; counsel Scot Dixon; partner Devika Kornbacher, senior associate Sean Hill and associate Marcus Martinez; partner Darren Tucker and senior associate Evan Miller; partner Christopher Popov; and partner Michael Ward.

Involved fees earner: Allen Braddock – Sidley Austin LLP; Brian Bradshaw – Sidley Austin LLP; Riley Fedechko – Sidley Austin LLP; Scott Goldstein – Sidley Austin LLP; Lauren Grau – Sidley Austin LLP; Radhika Kannan – Sidley Austin LLP; Gregory Kusel – Sidley Austin LLP; Emily Mallen – Sidley Austin LLP; Ash Nagdev – Sidley Austin LLP; Sarah O’Brien – Sidley Austin LLP; Heather Palmer – Sidley Austin LLP; Glenn Pinkerton – Sidley Austin LLP; Angela Richards – Sidley Austin LLP; Sheri Porath Rockwell – Sidley Austin LLP; Atman Shukla – Sidley Austin LLP; Cliff Vrielink – Sidley Austin LLP; Eric Winwood – Sidley Austin LLP; Adam Bateman – Vinson & Elkins LLP; Alan Beck – Vinson & Elkins LLP; Sean Becker – Vinson & Elkins LLP; Ryan Carney – Vinson & Elkins LLP; Kara Chung – Vinson & Elkins LLP; Scot Dixon – Vinson & Elkins LLP; Matthew Dobbins – Vinson & Elkins LLP; Yong Eoh – Vinson & Elkins LLP; Matthew Falcone – Vinson & Elkins LLP; Frank George – Vinson & Elkins LLP; Sean Hill – Vinson & Elkins LLP; Devika Kornbacher – Vinson & Elkins LLP; Marcus Lind-Martinez – Vinson & Elkins LLP; Dario Mendoza – Vinson & Elkins LLP; Evan Miller – Vinson & Elkins LLP; Sarah Mitchell – Vinson & Elkins LLP; Kene Obi – Vinson & Elkins LLP; Christopher Popov – Vinson & Elkins LLP; Caitlin Snelson – Vinson & Elkins LLP; Shane Tucker – Vinson & Elkins LLP; Darren Tucker – Vinson & Elkins LLP; Michael Ward – Vinson & Elkins LLP; David Wicklund – Vinson & Elkins LLP;

Law Firms: Sidley Austin LLP; Vinson & Elkins LLP;

Clients: Enbridge Inc; Moda Midstream LLC;

Author: Martina Bellini