FINANCING / Enbridge Announces $117.3 Million Equity Offering
TSE, ME SYMBOL: ENB
NASDAQ SYMBOL: ENBRF
OCTOBER 20, 1998
CALGARY, ALBERTA--
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE U.S.
October 20, 1998 - Enbridge Inc. today announced that it has
entered into an agreement with a group of underwriters led by
ScotiaMcLeod Inc. to sell 1,750,000 treasury common shares at
$67.05 per common share for distribution to the public. Closing
of the offering is expected on or about November 10, 1998, which
is prior to the record date for the next regularly scheduled
quarterly common dividend payment.
The offering is being made only in Canada by means of a
prospectus. Proceeds will be used to fund investments in
subsidiaries, to repay outstanding indebtedness and for general
corporate purposes.
Enbridge also has entered into a private placement agreement to
sell an additional 250,000 shares to Noverco Inc. at the same
price as the public issue. The placement is expected to close on
or about November 13, 1998, and will maintain Noverco and its
affiliates ownership interest in Enbridge at approximately 10
percent.
Enbridge Inc., formerly known as IPL Energy Inc., is a leader in
energy transportation, distribution and services. As a
transporter of energy, Enbridge operates, in Canada and the U.S.,
the world's longest crude oil and liquids pipeline system. The
company also is involved in liquids marketing and international
energy projects, and has a growing involvement in natural gas
transmission. As a distributor of energy, Enbridge owns and
operates Canada's largest natural gas distribution company, which
provides gas and retail services in Ontario, Quebec and New York
State; and is involved in the generation and distribution of
electricity. In addition, Enbridge provides retail energy
products and services to a growing number of Canadian and U.S.
markets. The company employs more than 5,000 people, primarily in
Canada, the U.S. and South America. Enbridge common shares trade
on the Toronto and Montreal stock exchanges in Canada under the
symbol "ENB" and on The NASDAQ National Market in the U.S. under
the symbol "ENBRF". |
