CALGARY, Nov. 1, 2018 /CNW/ - Enbridge Inc. (TSX: ENB)
(NYSE: ENB) (Enbridge or the Company) announced today that it does not intend to exercise its right to redeem its currently
outstanding Cumulative Redeemable Preference Shares, Series N (Series N Shares) (TSX: ENB.PR.N) on December 1, 2018. As a result, subject to certain conditions, the holders of the Series N Shares have the right
to convert all or part of their Series N Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series O of
Enbridge (Series O Shares) on December 1, 2018. Holders who do not exercise their right to convert
their Series N Shares into Series O Shares will retain their Series N Shares.
The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than
1,000,000 Series N Shares outstanding after December 1, 2018, then all remaining Series N Shares
will automatically be converted into Series O Shares on a one-for-one basis on December 1, 2018;
and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series O Shares outstanding after
December 1, 2018, no Series N Shares will be converted into Series O Shares. There are currently
18,000,000 Series N Shares outstanding.
With respect to any Series N Shares that remain outstanding after December 1, 2018, holders
thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the Board of
Directors of Enbridge. The new annual dividend rate applicable to the Series N Shares for the five-year period commencing on
December 1, 2018 to, but excluding, December 1, 2023 will be 5.086
percent, being equal to the five-year Government of Canada bond yield of 2.436 percent
determined as of today plus 2.65 percent in accordance with the terms of the Series N Shares.
With respect to any Series O Shares that may be issued on December 1, 2018, holders thereof will
be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of
Directors of Enbridge. The dividend rate applicable to the Series O Shares for the three-month floating rate period commencing on
December 1, 2018 to, but excluding, March 1, 2019 will be 1.08
percent, based on the annual rate on three month Government of Canada treasury bills for the
most recent treasury bills auction of 1.73 percent plus 2.65 percent in accordance with the terms of the Series O Shares (the
Floating Quarterly Dividend Rate). The Floating Quarterly Dividend Rate will be reset every quarter.
Beneficial holders of Series N Shares who wish to exercise their right of conversion during the conversion period, which runs
from November 1, 2018 until 5:00 p.m. (EST) on November 16, 2018, should communicate as soon as possible with their broker or other intermediary for more
information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other
intermediary time to complete the necessary steps. Any notices received after this deadline will not be valid.
About Enbridge Inc.
Enbridge Inc. (the Company) 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 2.9
million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 62% of U.S.-bound
Canadian crude oil exports; and moves approximately 22% of all natural gas consumed in the U.S., serving key supply basins and
demand markets. The Company's regulated utilities serve approximately 3.7 million retail customers in Ontario, Quebec, and New Brunswick.
Enbridge also has interests in more than 1,700 MW of net renewable generating capacity in North
America and Europe. The Company has ranked on the Global 100 Most Sustainable
Corporations index for the past nine years; its common shares trade on the Toronto and
New York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people's quality of life. For more information, visit www.enbridge.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Media
Jesse Semko
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Jonathan Gould
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
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SOURCE Enbridge Inc.
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