Enbridge Inc.

Enbridge Inc.

May 14, 2009 09:01 ET

Enbridge Issues $400 Million of Long Term Debt

CALGARY, ALBERTA--(Marketwire - May 14, 2009) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that it has completed a $400 million 7-year term debt issuance in the Canadian debt capital markets. The issuance yields 5.18% and was placed with over 60 institutional investors.

"The large over subscription to this offering further illustrates the ability of Enbridge and its subsidiaries to successfully complete debt issuances at favourable terms and we believe that it highlights investor confidence in Enbridge's financial strength and our growth outlook," said J. Richard Bird, Executive Vice President, Chief Financial Officer and Corporate Development, Enbridge Inc., "We continue to enjoy strong investment grade credit ratings, supported by a sound balance sheet.

"Enbridge has a very substantial liquidity surplus, which provides us with considerable flexibility to take advantage of attractive new opportunities," continued Mr. Bird. "We continue to carry a significant amount of unutilized credit facilities. After completing this issuance, committed credit facilities for Enbridge and its subsidiaries totaled $6.7 billion of which $2.8 billion is either drawn or is allocated to backstop commercial paper programs. The remaining $3.9 billion of unutilized capacity is available to provide bridge funding for our capital programs prior to putting in place permanent financing, or to accommodate additional investment opportunities."

About Enbridge Inc.

Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the United States, the world's longest crude oil and liquids transportation system. The Company also has a growing involvement in the natural gas transmission and midstream businesses. 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. Enbridge employs approximately 6,000 people, primarily in Canada, the U.S. and South America. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol ENB. Information about Enbridge is available on the Company's web site at 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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