CALGARY, Dec. 7, 2018 /CNW/ - Enbridge Inc. (TSX:
ENB) (NYSE: ENB) (Enbridge or the Company) and Enbridge Income Fund
(the Fund) today announced that holders (Fund Noteholders) of
certain series of the Fund's outstanding medium term notes (Fund
Notes) representing greater than 66 2/3% of the principal amount of
the outstanding Fund Notes, voting together as a single class,
delivered valid consents and proxies voting FOR the transaction to
exchange the Fund Notes for an equal principal amount of newly
issued medium term notes of Enbridge, having financial terms that
are the same as the financial terms of the Fund Notes (the Note
Exchange Transaction).
As a result, the Fund has received sufficient valid consents and
proxies to pass the extraordinary resolution approving the Note
Exchange Transaction and has cancelled the meeting of Fund
Noteholders that was previously scheduled to be held on
December 10, 2018.
The following Fund Notes will be subject to the Note Exchange
Transaction:
- 4.85% Medium Term Notes, Series 4 due November 12, 2020
- 4.10% Medium Term Notes, Series 6 due February 22, 2019
- 4.85% Medium Term Notes, Series 7 due February 22, 2022
- 3.94% Medium Term Notes, Series 10 due January 13, 2023
- 3.95% Medium Term Notes, Series 12 due November 19, 2024
- 4.87% Medium Term Notes, Series 13 due November 21, 2044
It is anticipated that the Note Exchange Transaction will be
completed prior to December 31,
2018.
BMO Capital Markets acted as Solicitation Agent for the
transaction, AST Trust Company (Canada) acted as the Tabulation Agent and
D.F. King Canada acted as the Information Agent.
FORWARD-LOOKING STATEMENTS
Forward-looking
information, or forward-looking statements, has been included in
this news release to provide information about Enbridge and the
Fund, including statements with respect to: the completion of the
Note Exchange Transaction, including the anticipated timing
thereof, and the terms of the Enbridge Notes to be issued to Fund
Noteholders in exchange for their Fund Notes. This information may
not be appropriate for other purposes. Although Enbridge and the
Fund believe 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 performance 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 result, levels of activity and achievements to
differ materially from those expressed or implied by such
statements. Material assumptions include assumptions about the
approval of the Note Exchange Resolution, the completion of the
Note Exchange Transaction and the business and financial strength
of Enbridge compared to that of the Fund.
Enbridge's and the Fund's forward-looking statements are
subject to risks and uncertainties pertaining to the completion of
the Note Exchange Transaction. 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 and the Fund'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 and the Fund assume 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 the Fund or persons
acting on their behalf, are expressly qualified in their entirety
by these cautionary statements.
About Enbridge Inc.
Enbridge is North America's premier energy infrastructure
company with strategic business platforms that include an extensive
network of crude oil, liquids and natural gas pipelines, regulated
natural gas distribution utilities and renewable power generation.
The Company safely delivers an average of 2.9 million barrels of
crude oil each day through its Mainline and Express Pipeline;
accounts for approximately 62% of U.S.-bound Canadian crude oil
exports; and moves approximately 22% of all natural gas consumed in
the U.S., serving key supply basins and demand markets. The
Company's regulated utilities serve approximately 3.7 million
retail customers in Ontario,
Quebec, and New Brunswick. Enbridge also has interests in
more than 1,700 MW of net renewable generating capacity in
North America and Europe. The Company has ranked on the Global
100 Most Sustainable Corporations index for the past nine years;
its common shares trade on the Toronto and New
York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people's
quality of life. For more information, visit
www.enbridge.com.
About Enbridge Income Fund
The Fund is an
unincorporated open-ended trust established by a trust indenture
under the laws of the Province of Alberta. Through its indirect investment in
Enbridge Income Partners LP (EIPLP), the Fund indirectly holds high
quality, low risk energy infrastructure assets. EIPLP's assets
consist of a portfolio of Canadian liquids transportation and
storage assets, 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 U.S. segment of the Southern Lights Pipeline, and a 50%
interest in the Alliance Pipeline, which transports natural gas
from Canada to the U.S., and
interests in more than 1,400 MW of renewable and alternative power
generation assets. Further information about Enbridge Income Fund
is available at www.enbridgeincomefund.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Media
Jesse Semko
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Jonathan
Gould
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
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SOURCE Enbridge Inc.