Enbridge Inc. Closes Secondary Offering of Enbridge Income Fund Holdings Inc. Shares; Over-Allotment Option Fully Exercised for Gross Proceeds of Approximately $0.6 Billion
Enbridge Inc. (TSX:ENB) (NYSE:ENB) (Enbridge or the Company) and Enbridge Income Fund Holdings Inc. (TSX:ENF) (EIFH) today announced the closing of the previously announced secondary offering (the Secondary Offering) of EIFH common shares (Common Shares) through a syndicate of underwriters (the Underwriters) led by BMO Capital Markets, CIBC Capital Markets and Scotiabank. Under the Secondary Offering, 17,347,750 Common Shares of EIFH were sold to the public, including 2,262,750 Common Shares sold in connection with the full exercise of the Underwriters' over-allotment option, at a price of $33.15 per Common Share, for gross proceeds to Enbridge of $575,077,913.
Immediately prior to the closing of the Secondary Offering, Enbridge exchanged 21,657,617 ordinary units (Fund Units) of Enbridge Income Fund (the Fund) for an equivalent amount of Common Shares (the Exchange). In order to maintain its 19.9 percent interest in EIFH, Enbridge retained 4,309,867 Common Shares issued pursuant to the Exchange and sold the balance under the Secondary Offering. EIFH did not receive any proceeds from the Secondary Offering and Enbridge will pay all expenses and fees associated with the Secondary Offering. The proceeds of the Secondary Offering will initially be used by Enbridge to pay down short-term debt, pending reinvestment by Enbridge in its growing portfolio of secured projects. With the completion of the Secondary Offering, Enbridge's economic interest in the Fund Group (made up of the Fund, Enbridge Commercial Trust and Enbridge Income Partners LP) has been reduced from 86.9 percent to 84.6 percent.
Immediately prior to the Exchange, Enbridge held 94,150,000 Fund Units directly and indirectly, representing 43.1 percent of the issued and outstanding Fund Units. Following the Exchange, Enbridge holds 72,492,383 Fund Units directly and indirectly, representing approximately 33 percent of the issued and outstanding Fund Units.
About Enbridge Inc.
Enbridge Inc. is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. The Company safely delivers an average of 2.8 million barrels of crude oil each day through its Mainline and Express Pipeline, and accounts for nearly 68% of U.S.-bound Canadian crude oil production, and moves approximately 20% of all natural gas consumed in the U.S. serving key supply basins and demand markets. The Company's regulated utilities serve approximately 3.5 million retail customers in Ontario, Quebec, New Brunswick and New York State. Enbridge also has a growing involvement in electricity infrastructure with interests in more than 2,500 MW of net renewable generating capacity, and an expanding offshore wind portfolio in Europe. The Company has ranked on the Global 100 Most Sustainable Corporations index for the past eight years; its common shares trade on the Toronto and New York stock exchanges under the symbol ENB.
For more information, visit www.enbridge.com.
ABOUT ENBRIDGE INCOME FUND HOLDINGS INC.
Enbridge Income Fund Holdings Inc. is a publicly traded corporation. EIFH, through its investment in Enbridge Income Fund indirectly holds high quality, low- risk energy infrastructure assets. Enbridge Income Fund's assets consist of a portfolio of Canadian liquids transportation and storage businesses, including the Canadian Mainline, the Regional Oil Sands System, the Canadian segment of the Southern Lights Pipeline, Class A units entitling the holder to receive defined cash flows from the US segment of the Southern Lights Pipeline, a 50 percent interest in the Alliance Pipeline, which transports natural gas from Canada to the U.S., and interests in more than 1,400 MW of renewable and alternative power generation assets. Information about Enbridge Income Fund Holdings Inc. is available on EIFH's website at www.enbridgeincomefund.com.
SOURCE: Enbridge Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.