Enbridge Inc.

Enbridge Inc.

May 31, 2012 16:58 ET

Enbridge Announces $400 Million Common Equity Offering

CALGARY, ALBERTA--(Marketwire - May 31, 2012) -


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.

About Enbridge Inc.

Enbridge Inc. is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in close to 1,000 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. Enbridge employs approximately 7,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

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. 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 risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. 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.

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