CALGARY, ALBERTA–(Marketwired – Feb. 24, 2016) – Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that it has entered into an agreement with a group of Canadian and United States (U.S.) financial institutions (the Underwriters), to issue 49.14 million common shares (the Common Shares) from treasury, on a bought deal basis, for gross proceeds of approximately CDN$2 billion (the Offering). Proceeds will be used to pay down short term indebtedness pending investment in capital projects. The equity raised through the Offering is expected to be sufficient to fulfill equity funding requirements for Enbridge’s consolidated commercially secured growth program through the end of 2017.
Enbridge has entered into an agreement with RBC Capital Markets, Credit Suisse, BMO Capital Markets, CIBC World Markets, Scotiabank, and TD Securities as co-lead underwriters to issue 49.14 million Common Shares, on a bought deal basis, at CDN$40.70 per share for distribution to the public in both Canada and the U.S. Closing of the Offering is expected to occur on or about March 1, 2016. Pursuant to the agreement, the Underwriters have an option to purchase up to an additional 7.371 million Common Shares by providing notice to Enbridge at any time within 30 days of closing of the Offering, to cover over-allotments, if any.
The Offering will be made under Enbridge’s registration statement filed with the Securities and Exchange Commission (SEC) and only by means of a prospectus supplement and accompanying prospectus. Enbridge has also filed the prospectus relating to the Offering with each of the provincial securities regulatory authorities in Canada.
A copy of the prospectus supplement and the accompanying prospectus for the Offering may be obtained by contacting, in the U.S., RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281-8098: Attention: Equity Syndicate; Phone 877-822-4089; E-mail: firstname.lastname@example.org or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York, 10010, or by telephone at +1 (800) 221-1037, or by email at email@example.com, or in Canada, from RBC Capital Markets, Attention: Simon Yeung, Distribution Centre, RBC Wellington Square, 8th Floor, 180 Wellington St. W., Toronto, ON, M5J 0C2, (Phone: 416-842-5349; E-mail: Distribution.RBCDS@rbccm.com) or Credit Suisse, toll-free at 800-221-1037.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Enbridge Inc.
Enbridge Inc., a Canadian company, exists to fuel people’s quality of life, and has done so for more than 65 years. A North American leader in delivering energy, Enbridge has been ranked on the Global 100 Most Sustainable Corporations index for the past seven years. Enbridge operates the world’s longest crude oil and liquids transportation system across Canada and the U.S., and has a significant and growing involvement in natural gas gathering, transmission and midstream business, as well as an increasing involvement in power transmission. Enbridge owns and operates Canada’s largest natural gas distribution company, serving residential, commercial, and industrial customers in Ontario, Quebec, New Brunswick and New York State. Enbridge has interests in nearly 2,000 megawatts of net renewable and alternative generating capacity, and continues to expand into wind, solar and geothermal power. Enbridge employs nearly 11,000 people, primarily in Canada and the U.S., and is ranked as one of Canada’s Top Employers for 2016.
Enbridge’s Common Shares trade on the Toronto and New York stock exchanges under the symbol ENB.