Spectra Energy Capital, a subsidiary of Spectra Energy, entered into a $2 billion revolving credit agreement with a syndicate of banks. Citibank acted as administrative agent.

BMO Harris acted as syndication agent and Citigroup Global Markets and BMO Capital Markets acted as joint lead arrangers and joint bookrunners.

Interest on borrowings under the credit agreement will be based on prevailing interest rates as described in the agreement and the credit ratings of Spectra Energy Capital. Outstanding borrowings under the agreement mature on September 28, 2017, though the date may be extended for a one-year period at the election of Spectra Energy Capital, with any outstanding revolving advances on the date of such extension being converted to term advances. All amounts outstanding will be required to be prepaid in full upon a change of control of Spectra Energy. Spectra Energy has guaranteed Spectra Energy Capital’s obligation to repay borrowings under the credit agreement.

Spectra Energy and Spectra Energy Capital have each agreed to maintain a ratio of consolidated indebtedness to consolidated capitalization of less than or equal to 65%, measured at the end of each fiscal quarter of Spectra Energy.

Spectra Energy agreed to a merger with Enbridge earlier this year.