Closing of $750 Million Subordinated Notes Offering CALGARY, AB, Jan. 19, 2022 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that it has closed its previously announced offering (the "Offering") of $750 million aggregate principal amount of 5.00% Fixed-to-Fixed Rate Subordinated Notes Series 2022-A due January 19, 2082 (the "Notes").
Enbridge intends to use the net proceeds of the Offering to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17 (TSX: ENB.PF.I) in accordance with their terms and, pending such redemption, to repay short-term indebtedness, as well as for general corporate purposes.
The Notes were offered in Canada through a syndicate of underwriters, co-led by RBC Capital Markets, BMO Capital Markets, and CIBC Capital Markets, on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which owns approximately 1,766 MW (net) in renewable power capacity in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.