South Bow (NASDAQ: SOBO) shares Q1 2026 credit support data
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
South Bow Corporation furnished a Form 6-K providing Canadian securities regulators with notices that two financing subsidiaries, South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd., rely on South Bow’s own continuous disclosure under National Instrument 51-102.
The filing includes unaudited consolidating summary financial information for the three months ended March 31, 2026 and 2025, showing total consolidated revenue of $491 million versus $498 million a year earlier and consolidated net income of $77 million versus $88 million. As at March 31, 2026, total consolidated current assets were $2,177 million and non-current assets $9,063 million, with current liabilities of $1,444 million and non-current liabilities of $7,135 million. South Bow fully and unconditionally guarantees the payment obligations under the notes issued by these 100%-owned subsidiaries.
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Negative
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Key Figures
Consolidated revenue: $491 million
Consolidated revenue prior year: $498 million
Consolidated net income: $77 million
+5 more
8 metrics
Consolidated revenue
$491 million
Three months ended March 31, 2026
Consolidated revenue prior year
$498 million
Three months ended March 31, 2025
Consolidated net income
$77 million
Three months ended March 31, 2026
Consolidated net income prior year
$88 million
Three months ended March 31, 2025
Consolidated current assets
$2,177 million
As at March 31, 2026
Consolidated non-current assets
$9,063 million
As at March 31, 2026
Consolidated current liabilities
$1,444 million
As at March 31, 2026
Consolidated non-current liabilities
$7,135 million
As at March 31, 2026
Key Terms
National Instrument 51-102, continuous disclosure, credit support issuer, consolidating summary financial information, +2 more
6 terms
National Instrument 51-102 regulatory
"pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations"
National Instrument 51-102 is a Canadian securities rule that requires public companies to regularly publish clear, standardized information about their finances and significant developments, such as quarterly and annual reports, management discussion and analysis, and notices of material changes. For investors it acts like a rule forcing businesses to keep their financial “windows” clear and up to date, making it easier to compare companies, spot risks, and make informed decisions.
continuous disclosure regulatory
"relies on the continuous disclosure documents filed by South Bow Corporation"
Continuous disclosure is the legal and market practice requiring companies to promptly share any important information that could affect their share price or investors’ decisions, such as major contracts, financial surprises, leadership changes, or safety issues. It matters because it keeps all investors working from the same facts — like a shop owner telling customers about a surprise sale or supply problem — so markets can price risk fairly and investors can make timely decisions.
credit support issuer financial
"providing for an exemption for certain credit support issuers"
consolidating summary financial information financial
"Attached to this Notice and forming part hereof is the consolidating summary financial information for South Bow"
consolidating adjustments financial
"This column includes the necessary adjustments to eliminate the intercompany balances"
fully and unconditionally guarantees financial
"South Bow fully and unconditionally guarantees the payment obligations of the Company"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May 2026
Commission File No. 001-42021
SOUTH BOW CORPORATION
(Translation of Registrant's Name into English)
707 5th Street SW, Suite 900
Calgary, Canada T2P 1V8
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☐ Form 40-F ☑
Exhibits 99.1 and 99.2 to this report, furnished on Form 6-K, are furnished, not filed, and will not be incorporated by reference into any registration statement filed by the registrant under the Securities Act of 1933, as amended.
| EXHIBIT INDEX | ||||||||
| 99.1 | Notice of Reliance for South Bow USA Infrastructure Holdings LLC (2026.03) | ||||||||||||||||
| 99.2 | Notice of Reliance for South Bow Canadian Infrastructure Holdings Ltd. (2026.03) | ||||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 7, 2026
| SOUTH BOW CORPORATION | ||||||||||||||||||||||||||
| By: | /s/ Lori M. Muratta | |||||||||||||||||||||||||
| Name: Lori M. Muratta | ||||||||||||||||||||||||||
| Title: Senior Vice-President and General Counsel | ||||||||||||||||||||||||||
Exhibit 99.1
NOTICE OF RELIANCE
SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - CONTINUOUS DISCLOSURE OBLIGATIONS
May 7, 2026
To: Alberta Securities Commission
British Columbia Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
Manitoba Securities Commission
Ontario Securities Commission
Autorité des marchés financiers
Financial and Consumer Services Commission (New Brunswick)
Nova Scotia Securities Commission
Prince Edward Island Securities Office
Government of Newfoundland and Labrador Financial Services Regulation Division
Northwest Territories Securities Office
Office of the Superintendent of Securities, Community Services (Yukon)
Nunavut Securities Office
Notice is hereby given that South Bow USA Infrastructure Holdings LLC (the “Company”) relies on the continuous disclosure documents filed by South Bow Corporation (“South Bow”) pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102") provided in Section 13.4 of NI 51-102. The continuous disclosure documents of South Bow can be found in electronic format at www.sedarplus.ca. Attached to this Notice and forming part hereof is the consolidating summary financial information for South Bow for the applicable period(s) required by Section 13.4 of NI 51-102.
South Bow USA Infrastructure Holdings LLC
/s/ Lori M. Muratta | |||||
Lori M. Muratta Vice-President | |||||
UNAUDITED SUMMARY FINANCIAL INFORMATION
South Bow fully and unconditionally guarantees the payment obligations of the Company, its 100% owned subsidiary, under the notes issued by the Company. Accordingly, the following unaudited consolidated summary financial information is provided by the Company in compliance with the requirements of Section 13.4 of NI 51-102 providing for an exemption for certain credit support issuers.
The following tables contain summary financial information for the Company for the three months ended March 31, 2026 and 2025 and as at March 31, 2026 and December 31, 2025, presented with separate columns for each of the following: (a) South Bow (as Parent Credit Supporter); (b) the Company (as Credit Support Issuer); (c) South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd., on a combined basis (collectively the “Subsidiary Credit Supporters”); (d) the non-guarantor subsidiaries of South Bow other than the Company and the Subsidiary Credit Supporters (collectively, the “Other South Bow Subsidiaries”), on a combined basis; (e) consolidating adjustments; and (f) total consolidated amounts.
For the three months ended March 31, 2026 and 2025 (1):
| (millions of U.S. dollars) | South Bow (Parent Credit Supporter) | Company (Credit Support Issuer) | Subsidiary Credit Supporters | Other South Bow Subsidiaries | Consolidating Adjustments (2) | Total Consolidated Amounts | ||||||||||||||||||||||||||||||||
| For the three months ended March 31, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Revenue | — | — | — | — | — | (1) | 648 | 3,129 | (157) | (2,630) | 491 | 498 | ||||||||||||||||||||||||||
| Net income (loss) | (3) | (2) | (182) | (81) | (54) | (30) | 316 | 212 | — | (11) | 77 | 88 | ||||||||||||||||||||||||||
As at March 31, 2026 and December 31, 2025 (1):
| (millions of U.S. dollars) | South Bow (Parent Credit Supporter) | Company (Credit Support Issuer) | Subsidiary Credit Supporters | Other South Bow Subsidiaries | Consolidating Adjustments (2) | Total Consolidated Amounts | ||||||||||||||||||||||||||||||||
| As at | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||||||
| Current assets | 34 | 31 | — | — | — | — | 4,380 | 3,893 | (2,237) | (1,909) | 2,177 | 2,015 | ||||||||||||||||||||||||||
| Non-current assets | 1,760 | 1,864 | 6,923 | 6,864 | 2,661 | 2,678 | 26,323 | 26,303 | (28,604) | (28,531) | 9,063 | 9,178 | ||||||||||||||||||||||||||
| Current liabilities | 126 | 126 | 1,608 | 1,357 | 794 | 660 | 1,200 | 1,155 | (2,284) | (1,957) | 1,444 | 1,341 | ||||||||||||||||||||||||||
| Non-current liabilities | (1) | (1) | 7,664 | 7,675 | 2,609 | 2,630 | 3,430 | 3,412 | (6,567) | (6,573) | 7,135 | 7,143 | ||||||||||||||||||||||||||
(1) The information in this table has been prepared in accordance with securities regulatory requirements and has not been audited or the subject of a review by the Company’s auditor. For the purposes of this consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.
(2) This column includes the necessary adjustments to eliminate the intercompany balances from South Bow, the Company, the Subsidiary Credit Supporters and Other South Bow Subsidiaries to arrive at the information for South Bow on a consolidated basis.
Exhibit 99.2
NOTICE OF RELIANCE
SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - CONTINUOUS DISCLOSURE OBLIGATIONS
May 7, 2026
To: Alberta Securities Commission
British Columbia Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
Manitoba Securities Commission
Ontario Securities Commission
Autorité des marchés financiers
Financial and Consumer Services Commission (New Brunswick)
Nova Scotia Securities Commission
Prince Edward Island Securities Office
Government of Newfoundland and Labrador Financial Services Regulation Division
Northwest Territories Securities Office
Office of the Superintendent of Securities, Community Services (Yukon)
Nunavut Securities Office
Notice is hereby given that South Bow Canadian Infrastructure Holdings Ltd. (the “Company”) relies on the continuous disclosure documents filed by South Bow Corporation (“South Bow”) pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102") provided in Section 13.4 of NI 51-102. The continuous disclosure documents of South Bow can be found in electronic format at www.sedarplus.ca. Attached to this Notice and forming part hereof is the consolidating summary financial information for South Bow for the applicable period(s) required by Section 13.4 of NI 51-102.
South Bow Canadian Infrastructure Holdings Ltd.
/s/ Van Dafoe | |||||
Van Dafoe Vice-President | |||||
UNAUDITED SUMMARY FINANCIAL INFORMATION
South Bow fully and unconditionally guarantees the payment obligations of the Company, its 100% owned subsidiary, under the notes issued by the Company. Accordingly, the following unaudited consolidated summary financial information is provided by the Company in compliance with the requirements of Section 13.4 of NI 51-102 providing for an exemption for certain credit support issuers.
The following tables contain summary financial information for the Company for the three months ended March 31, 2026 and 2025, and as at March 31, 2026 and December 31, 2025, presented with separate columns for each of the following: (a) South Bow (as Parent Credit Supporter); (b) the Company (as Credit Support Issuer); (c) South Bow Infrastructure Holdings Ltd. and South Bow USA Infrastructure Holdings LLC, on a combined basis (collectively the “Subsidiary Credit Supporters”); (d) the non-guarantor subsidiaries of South Bow other than the Company and the Subsidiary Credit Supporters (collectively, the “Other South Bow Subsidiaries”), on a combined basis; (e) consolidating adjustments; and (f) total consolidated amounts.
For the three months ended March 31, 2026 and 2025 (1):
| (millions of U.S. dollars) | South Bow (Parent Credit Supporter) | Company (Credit Support Issuer) | Subsidiary Credit Supporters | Other South Bow Subsidiaries | Consolidating Adjustments (2) | Total Consolidated Amounts | ||||||||||||||||||||||||||||||||
| For the three months ended March 31, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Revenue | — | — | — | — | — | (1) | 648 | 3,129 | (157) | (2,630) | 491 | 498 | ||||||||||||||||||||||||||
| Net income (loss) | (3) | (2) | (41) | (24) | (195) | (87) | 316 | 212 | — | (11) | 77 | 88 | ||||||||||||||||||||||||||
As at March 31, 2026 and December 31, 2025 (1):
| (millions of U.S. dollars) | South Bow (Parent Credit Supporter) | Company (Credit Support Issuer) | Subsidiary Credit Supporters | Other South Bow Subsidiaries | Consolidating Adjustments (2) | Total Consolidated Amounts | ||||||||||||||||||||||||||||||||
| As at | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||||||
| Current assets | 34 | 31 | — | — | — | — | 4,380 | 3,893 | (2,237) | (1,909) | 2,177 | 2,015 | ||||||||||||||||||||||||||
| Non-current assets | 1,760 | 1,864 | 1,947 | 1,958 | 7,637 | 7,584 | 26,323 | 26,303 | (28,604) | (28,531) | 9,063 | 9,178 | ||||||||||||||||||||||||||
| Current liabilities | 126 | 126 | 254 | 223 | 2,148 | 1,794 | 1,200 | 1,155 | (2,284) | (1,957) | 1,444 | 1,341 | ||||||||||||||||||||||||||
| Non-current liabilities | (1) | (1) | 2,270 | 2,286 | 8,003 | 8,019 | 3,430 | 3,412 | (6,567) | (6,573) | 7,135 | 7,143 | ||||||||||||||||||||||||||
(1) The information in this table has been prepared in accordance with securities regulatory requirements and has not been audited or the subject of a review by the Company’s auditor. For the purposes of this consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.
(2) This column includes the necessary adjustments to eliminate the intercompany balances from South Bow, the Company, the Subsidiary Credit Supporters and Other South Bow Subsidiaries to arrive at the information for South Bow on a consolidated basis.
FAQ
What is the main purpose of South Bow (SOBO)'s May 2026 Form 6-K?
The Form 6-K furnishes notices of reliance and summary financials. It tells regulators that two South Bow subsidiaries rely on South Bow’s continuous disclosure under National Instrument 51-102 and provides unaudited consolidated summary financial information for the March 31, 2026 and 2025 periods.
Which South Bow (SOBO) subsidiaries rely on NI 51-102 continuous disclosure exemptions?
Two credit support subsidiaries rely on the exemption. South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd. both state that they rely on continuous disclosure documents filed by South Bow Corporation under Section 13.4 of National Instrument 51-102.
How did South Bow (SOBO)'s consolidated revenue and net income compare year over year?
Consolidated revenue and net income were slightly lower year over year. For the three months ended March 31, 2026, revenue was $491 million versus $498 million, and net income was $77 million versus $88 million for the comparable 2025 period.
What balance sheet figures does South Bow (SOBO) report as of March 31, 2026?
South Bow reports substantial consolidated assets and liabilities. As of March 31, 2026, total consolidated current assets were $2,177 million and non-current assets $9,063 million, with current liabilities of $1,444 million and non-current liabilities of $7,135 million.
How are South Bow (SOBO)'s subsidiary notes supported according to the Form 6-K?
South Bow fully and unconditionally guarantees subsidiary notes. The filing states that South Bow guarantees the payment obligations of each 100%-owned credit support issuer under its notes, supporting the subsidiaries’ financing structures as described in the summary financial information.