CALGARY,
AB, Sept. 5, 2023 /PRNewswire/ - Enbridge Inc.
(TSX: ENB) (NYSE: ENB) ("Enbridge" or the "Company") today
announced that it has entered into an agreement with a syndicate of
underwriters led by RBC Capital Markets and Morgan Stanley, and
including BMO Capital Markets, CIBC Capital Markets, National Bank
Financial Markets, Scotiabank, and TD Securities (the
"Underwriters") under which the Underwriters have agreed to
purchase, on a bought deal basis, 89,490,000 common shares of the
Company ("Common Shares") for aggregate gross proceeds of
CDN$4 billion at an offering price of
CDN$44.70 per Common Share (the
"Offering").
Enbridge intends to use the net proceeds from the Offering to
finance a portion of the cash consideration payable by it for the
purchase of local distribution company gas utilities in
the United States from Dominion
Energy, Inc., the details of which were announced today in a
separate news release issued by Enbridge (the "Acquisitions").
The Common Shares will be offered to the public in all of the
provinces of Canada through the
Underwriters and their affiliates by way of a Canadian prospectus
supplement (the "Canadian Prospectus Supplement") to Enbridge's
short form base shelf prospectus dated September 5, 2023 (the "Canadian Prospectus").
The Common Shares will be offered to the public in the United States pursuant to Enbridge's
registration statement, including a prospectus (the "U.S.
Prospectus"), filed with the U.S. Securities and Exchange
Commission (the "SEC"), and a prospectus supplement (the "U.S.
Prospectus Supplement") to the U.S. Prospectus. Before investing,
prospective purchasers in Canada
should read the Canadian Prospectus Supplement, the Canadian
Prospectus and the documents incorporated by reference therein, and
prospective purchasers in the United
States should read the U.S. Prospectus, the U.S. Prospectus
Supplement and the documents incorporated by reference therein for
more complete information about Enbridge and the Offering in
Canada and the United States, respectively. Common Shares
may also be offered on a private placement basis in other
international jurisdictions in reliance on applicable private
placement exemptions.
The Offering is expected to close on or about September 8, 2023. Pursuant to the agreement, the
Underwriters have an option to purchase up to 15% in additional
Common Shares by providing notice to Enbridge at any time until the
date that is 30 days after the closing of the Offering, to cover
over-allotments, if any. If the over-allotment option is exercised
in full, the aggregate gross proceeds from the Offering will be
approximately CDN$4.6 billion.
A copy of the Canadian Prospectus for the Offering is, and a
copy of the Canadian Prospectus Supplement will be, available on
SEDAR+ (http://www.sedarplus.ca) and a copy of the U.S. Prospectus
is, and a copy of the U.S. Prospectus Supplement will be, available
on the SEC website (http://www.sec.gov). Potential investors can
request copies of the Canadian Prospectus and Canadian Prospectus
Supplement from RBC Dominion Securities Inc., 180 Wellington Street
West, 8th Floor, Toronto, ON M5J
0C2, Attention: Distribution Centre, or via telephone:
1-416-842-5349, or via e- mail at Distribution.RBCDS@rbccm.com and
the U.S. Prospectus and U.S. Prospectus Supplement from RBC Capital
Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attention: Equity
Syndicate, phone: 877-822-4089, Email: equityprospectus@rbccm.com
or Morgan Stanley & Co. LLC - Attn: Prospectus Department - 180
Varick Street, 2nd Floor - New York,
NY 10014.
The closing of the Offering is not conditional upon the
completion of the Acquisitions. In the event that any or all of the
Acquisitions are not completed, Enbridge may use the net proceeds
from the Offering to reduce its outstanding indebtedness, finance
future growth opportunities including acquisitions, finance its
capital expenditures, or for other general corporate purposes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor will there be
any sale of these securities, in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
FORWARD-LOOKING
INFORMATION
This news release contains both historical and
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, and
forward-looking information within the meaning of Canadian
securities laws (collectively, forward-looking statements).
Forward-looking statements have been included to provide potential
investors with information about Enbridge. This information may not
be appropriate for other purposes. Forward-looking statements are
typically identified by words such as "anticipate", "believe",
"estimate", "expect", "forecast", "intend", "likely", "plan",
"project", "target" and similar words suggesting future outcomes or
statements regarding an outlook. Forward-looking statements
included in this news release include, but are not limited to,
statements with respect to the following: the closing of the
Offering, the use of proceeds of the Offering and the
Acquisitions.
Although Enbridge believes these forward-looking statements
are reasonable based on the information available on the date such
statements are made and processes used to prepare the information,
such statements are not guarantees of future events and readers are
cautioned against placing undue reliance on forward-looking
statements. By their nature, these statements involve a variety of
assumptions, known and unknown risks and uncertainties and other
factors, which may cause actual events to differ materially from
those expressed or implied by such statements.
Enbridge's forward-looking statements are subject to risks
and uncertainties, including, but not limited to the possibility
that the Offering does not close when expected, or at all, because
conditions to closing are not satisfied on a timely basis, or at
all, the possibility that the Acquisitions do not close when
expected, or at all, because required regulatory approvals and
other conditions to closing are not received or satisfied on a
timely basis, and those other risks and uncertainties disclosed in
Enbridge's other filings with Canadian and United States securities regulators. The
impact of any one risk, uncertainty or factor on a particular
forward-looking statement is not determinable with certainty as
these are interdependent and Enbridge's future course of action
depends on management's assessment of all information available at
the relevant time. Except to the extent required by applicable law,
Enbridge assumes no obligation to publicly update or revise any
forward-looking statements made in this news release or otherwise,
whether as a result of new information, future events or otherwise.
All subsequent forward-looking statements, whether written or oral,
attributable to Enbridge or persons acting on its behalf, are
expressly qualified in their entirety by these cautionary
statements.
ABOUT ENBRIDGE INC.
At Enbridge, we safely connect millions of people to the
energy they rely on every day, fueling quality of life through our
North American natural gas, oil or renewable power networks and our
growing European offshore wind portfolio. We're investing in modern
energy delivery infrastructure to sustain access to secure,
affordable energy and building on two decades of experience in
renewable energy to advance new technologies including wind and
solar power, hydrogen, renewable natural gas and carbon capture and
storage. We're committed to reducing the carbon footprint of the
energy we deliver, and to achieving net zero greenhouse gas
emissions by 2050. Headquartered in Calgary, Alberta, Enbridge's common shares trade under
the symbol ENB on the Toronto (TSX) and New
York (NYSE) stock exchanges.
FOR FURTHER INFORMATION PLEASE
CONTACT:
|
|
|
Enbridge Inc. – Media
|
|
Enbridge Inc. – Investment
Community
|
Jesse Semko
|
|
Rebecca
Morley
|
Toll Free: (888)
992-0997
|
|
Toll Free: (800)
481-2804
|
Email: media@enbridge.com
|
|
Email: investor.relations@enbridge.com
|
View original
content:https://www.prnewswire.com/news-releases/enbridge-announces-cdn4-0-billion-bought-deal-offering-of-common-shares-301918290.html
SOURCE Enbridge Inc.