Enbridge Income Fund Holdings Inc.
TSX : ENF

Enbridge Income Fund Holdings Inc.

December 07, 2017 08:20 ET

Enbridge Income Fund Holdings Inc. Announces the Closing of Common Share Offering, Full Exercise of the Underwriters' Over-Allotment Option and Concurrent Private Placement for $718 Million

CALGARY, ALBERTA--(Marketwired - Dec. 7, 2017) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRE SERVICES

Enbridge Income Fund Holdings Inc. (the Company) (TSX:ENF) today announced the closing of its previously announced public offering (the Offering) of common shares (Common Shares) of the Company. The Company, through a syndicate of underwriters led by Scotiabank, RBC Capital Markets and TD Securities Inc., issued 20,683,900 Common Shares, inclusive of 2,697,900 Common Shares issued on full exercise of the underwriters' over-allotment option, at a price of $27.80 for gross proceeds of $575,012,420.

Concurrent with closing of the Offering, Enbridge Inc. (TSX:ENB)(NYSE:ENB) subscribed for 5,138,697 Common Shares on a private placement basis at a price of $27.80 for gross proceeds of $142,855,777 to maintain its 19.9 percent ownership interest in the Company.

Proceeds from the Offering and the concurrent private placement will be used to subscribe for 25,822,597 ordinary units (Fund Units) of Enbridge Income Fund (the Fund) at $27.80 per unit for gross proceeds to the Fund of $717,868,197. The proceeds from the issuance of the Fund Units will be used to repay short-term indebtedness and fund growth projects associated with the Fund's Canadian liquids pipeline assets.

The Company now holds 70.5 percent of the issued and outstanding Fund Units, representing a 21.8 percent economic interest in the Fund and its investments (the Fund Group). Enbridge Inc. owns the remaining Fund Units and economic interest in the Fund Group.

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 State Securities Act of 1933, as amended, and may not be offered or sold within the United States.

FORWARD LOOKING INFORMATION

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 press release include, but are not limited to, statements with respect to the use of proceeds from the Offering and concurrent private placement. Although the Company believes these statements are based on information which is current, reasonable and complete, these statements are necessarily subject to a variety of assumptions, risks and uncertainties. A discussion of the risks and uncertainties facing the Company can be found in the Company's filings with Canadian securities regulators. While the Company 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, the Company 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.

ABOUT ENBRIDGE INCOME FUND HOLDINGS INC.

Enbridge Income Fund Holdings Inc., through its investment in the Fund, indirectly holds high quality, low-risk energy infrastructure assets. The Fund's assets consist of a portfolio of Canadian liquids transportation and storage businesses, including the Canadian Mainline, the Regional Oil Sands System, the Canadian segment of the Southern Lights Pipeline, Class A units entitling the holder to receive defined cash flows from the United States segment of the Southern Lights Pipeline, a 50 percent interest in the Alliance Pipeline, which transports natural gas from Canada to the United States, and interests in more than 1,400 megawatts of renewable and alternative power generation assets. Enbridge Income Fund Holdings Inc. is a publicly traded corporation on the Toronto Stock Exchange under the symbol ENF; information about the Company is available on the Company's website at www.enbridgeincomefund.com.

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