CALGARY, ALBERTA--(Marketwired - Nov. 15, 2016) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Enbridge Inc. (TSX:ENB)(NYSE:ENB) ("Enbridge" or the "Company") today announced that as a result of strong investor demand for
its previously announced offering of Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17 (the "Series 17
Preferred Shares"), the size of the offering has been increased to 30 million from 20 million. The aggregate gross proceeds
of the offering will be $750 million with closing expected on or about November 23, 2016.
The holders of Series 17 Preferred Shares will be entitled to receive fixed cumulative dividends at an annual rate of $1.2875
per share, payable quarterly on the first day of March, June, September and December, as and when declared by the Board of
Directors of Enbridge. The Series 17 Preferred Shares are expected to yield 5.15 per cent per annum, for the initial fixed rate
period to, but excluding, March 1, 2022. The first quarterly dividend payment date is scheduled for March 1, 2016. The dividend
rate will reset on March 1, 2022 and every five years thereafter at a rate equal to the sum of the then five-year Canadian
Government bond yield plus 4.14 per cent, provided that, in any event, such rate shall not be less than 5.15 per cent per annum.
The Series 17 Preferred Shares are redeemable by Enbridge, at its option, on March 1, 2022 and on March 1 of every fifth year
thereafter.
The holders of Series 17 Preferred Shares will have the right to convert their shares into Cumulative Redeemable Preference
Shares, Series 18 (the "Series 18 Preferred Shares") on March 1, 2022 and on March 1 of every fifth year thereafter, subject to
certain conditions. The holders of Series 18 Preferred Shares will be entitled to receive quarterly floating rate cumulative
dividends, as and when declared by the Board of Directors of Enbridge, at a rate equal to the sum of the 90-day Government of
Canada Treasury bill rate plus 4.14 per cent.
The offering is being made only in Canada by means of a prospectus. Proceeds are expected to be used to partially fund capital
projects, to reduce existing indebtedness and for other general corporate purposes of the Company and its affiliates.
The syndicate of underwriters is led by TD Securities Inc., CIBC Capital Markets, Scotiabank, and RBC Capital Markets.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the preferred shares in any
jurisdiction. The preferred 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.
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 more than 2,200 megawatts of net renewable and alternative generating capacity, and continues to expand into wind,
solar and geothermal power. Enbridge employs approximately 10,000 people, primarily in Canada and the U.S., and has been ranked
15 times on the annual Canada's Top 100 Employers list, including the 2017 index.
Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit
www.enbridge.com.
Forward-Looking Statements
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate",
"expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements.
Forward-looking statements contained in this news release include, but are not limited to, statements with respect to the
offering, including the closing date thereof, the expected use of proceeds and dividends. Although Enbridge believes that
these statements are based on information and assumptions which are current, reasonable and complete, these statements are
necessarily subject to a variety of assumptions, risks and uncertainties pertaining, but not limited to, the timing and
completion of the offering; estimated future cash flow and dividends; expected available cash flow from operations; financial
strength and flexibility; debt and equity market conditions; project construction and completion; in-service dates; operating
performance; regulatory parameters; weather; economic and competitive conditions; exchange rates, inflation and interest rates;
changes in tax law and tax rates; counterparty risk; and supply of and demand for commodities and commodity prices. A
further discussion of the risks and uncertainties facing Enbridge can be found in Enbridge's filings with Canadian and United
States securities regulators. While Enbridge makes these forward-looking statements in good faith, should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from
those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or
revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or
otherwise.