Enbridge Announces $400 Million Common Equity Offe Enbridge Announces $400 Million Common Equity Offering
CALGARY, ALBERTA--(Marketwire - May 31, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that it has entered into an agreement with TD Securities Inc. to sell 9.83 million treasury common shares, on a bought deal basis, at $40.71 per common share for distribution to the public. Closing of the offering is expected on or about June 8, 2012.
Enbridge has granted TD Securities Inc. an option, exercisable at any time up to 48 hours prior to closing of the offering, to purchase up to an additional 2.457 million treasury common shares at $40.71 per common share.
Commenting on the transaction, Enbridge Executive Vice President, Chief Financial Officer & Corporate Development, J. Richard Bird said, "With our large slate of attractive investment opportunities and recently secured capital projects, and given global financial market volatility, we are pleased to have now secured the equity funding required to support our growth plans. We'll be deploying this capital in projects with strong earnings per share accretion, reinforcing our confidence in achieving average annual growth of 10% plus through mid-decade, as well as contributing significantly to growth in the second half of the decade."
The offering is being made only in Canada by means of a prospectus. Proceeds will be used to fund our recently announced expansion projects in Eastern Canada and the United States, reduce outstanding indebtedness, to make investments in subsidiaries and for general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the common shares in any jurisdiction. The common shares offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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