J.P. Morgan and RBC Capital Underwrite South Bow’s C$7.9 Billion Dual-Currency Notes Offering

Paul, Weiss advised J.P. Morgan and RBC Capital Markets as initial purchasers and agents in an inaugural dual-currency offering by critical energy infrastructure company South Bow Corporation. The offering of approximately C$7.9 billion aggregate principal amount of debt securities was comprised of US$3.65 billion of senior notes, US$1.1 billion of junior subordinated notes and C$1.45 billion of senior notes. Proceeds from the offering will be used to repay South Bow’s debt in connection with its recently announced spinoff from TC Energy Corporation.

The Paul, Weiss team included corporate partners Christopher Cummings and David Tarr, and counsel Stephen Centa; tax partner Jeffrey Samuels; environmental counsel William O’Brien; and executive compensation counsel Jake Glazeski.