Enbridge expects to deploy approximately C$6B of capital in 2023, inclusive of maintenance capital. The balance sheet will remain strong with the Debt-to-EBITDA ratio at the end of 2023 expected to be in the lower half of the company’s 4.5-5.0x target range. The financing plan includes issuances of approximately C$6B in incremental debt in 2023, net of maturities, with no external equity required. The company has hedged over half of its anticipated fixed-rate term-debt issuances for 2023. Enbridge intends to re-file a normal course issuer bid before year end to repurchase up to C$1.5B of its common shares. This provides Enbridge with the capital allocation flexibility to opportunistically return capital to shareholders through repurchases, while maintaining focus on growing per share earnings and DCF.
Published first on TheFly
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