South Bow Corporation priced its inaugural offering in the US$ and C$ debt capital markets, executing a highly-successful dual-currency transaction comprised of a C$1.45 billion three-tranche senior offering, a US$3.65 billion four-tranche senior offering, and a US$1.1 billion dual-tranche junior subordinated offering.
South Bow proactively accessed the market after its spinoff from TC Energy Corporation was approved by shareholders in June of this year, enabling South Bow to construct an independent capital structure that supports IG credit ratings ahead of formal closing of the spin. Proceeds will be used to repay indebtedness owed by South Bow or its subsidiaries to TC Energy or its subsidiaries.
RBC acted as Joint Active Bookrunner in this transaction.
