CALGARY,
AB, May 16, 2024 /PRNewswire/ - Enbridge
Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced
today that it has made certain Canadian and U.S. securities filings
to enable an at-the-market equity issuance program (the ATM
Option). The ATM Option provides Enbridge with additional
flexibility to partially fund its previously announced acquisitions
of three U.S. natural gas utilities from Dominion Energy, Inc. (the
Acquisitions) and the Company intends that proceeds would be used
for that purpose. The Company continues to have a variety of
alternative funding options available to it for the Acquisitions,
including the issuance of senior unsecured notes and junior
subordinated (hybrid) debt, and its ongoing capital recycling
program.
Pursuant to the ATM Option, Enbridge may issue and sell, at its
discretion, up to $2.75 billion (or
the U.S. dollar equivalent) of common shares of the Company (Common
Shares) from treasury to the public from time to time, at the
market prices prevailing at the time of sale through the Toronto
Stock Exchange, the New York Stock Exchange or any other
marketplace in Canada or
the United States where the Common
Shares may be traded, and, as a result, prices at which the Common
Shares are sold may vary among purchasers and during the period of
any distribution.
Distributions of Common Shares, if any, pursuant to the ATM
Option will be made through "at-the-market distributions" as
defined in National Instrument 44-102 – Shelf Distributions
and in sales deemed to be "at the market offerings" as defined in
Rule 415 promulgated under the U.S. Securities Act of 1933, as
amended, or as otherwise permitted by applicable laws, in each
case, pursuant to the terms of an equity distribution
agreement (the Equity Distribution Agreement) dated May 15, 2024 entered into between the Company and
a syndicate of sales agents led by BMO Nesbitt Burns Inc. in
Canada and BMO Capital Markets
Corp. in the United States (the
lead sales agents), and including CIBC Capital Markets, National
Bank Financial Markets, Scotiabank, TD Securities, Barclays, BofA
Securities, Citigroup, Deutsche Bank Securities, Mizuho, Wells
Fargo Securities, RBC Capital Markets, ATB Capital Markets,
Desjardins Capital Markets and Morgan Stanley.
The ATM Option is being made in Canada only pursuant to a Canadian prospectus
supplement dated May 15, 2024 (the
Canadian Prospectus Supplement) to the Company's Canadian short
form base shelf prospectus dated September
5, 2023 (the Canadian Prospectus) and in the United States only pursuant to a U.S.
prospectus supplement dated May 15,
2024 (the U.S. Prospectus Supplement) to the Company's U.S.
base prospectus (the U.S. Prospectus) included in its U.S.
registration statement on Form S-3 filed with the U.S. Securities
and Exchange Commission (the SEC) on July
29, 2022. Before making an investment in the Common Shares,
potential investors should read the Canadian Prospectus and the
Canadian Prospectus Supplement or the U.S. Prospectus and the U.S.
Prospectus Supplement, as applicable, for more information about
Enbridge and the ATM Option. Copies of the Canadian Prospectus, the
Canadian Prospectus Supplement, and the Equity Distribution
Agreement are available on SEDAR+ (http://www.sedarplus.ca) and
copies of the U.S. Prospectus, the U.S. Prospectus Supplement and
the Equity Distribution Agreement are available on the SEC's
website (http://www.sec.gov). Potential investors can request
copies of the Canadian Prospectus and the Canadian Prospectus
Supplement or the U.S. Prospectus and the U.S. Prospectus
Supplement, as applicable, from the lead sales agents by
contacting:
I. in
Canada: BMO Nesbitt Burns Inc.,
Brampton Distribution Centre C/O The Data Group of Companies, 9195
Torbram Road, Brampton, Ontario,
L6S 6H2, by telephone at 905-791-3151 Ext. 4312, or by email at
torbramwarehouse@datagroup.ca.
II. in
the United States: BMO Capital
Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd
Street, 32nd Floor, New York, NY
10036, by telephone at (800) 414-3627 or by email at
bmoprospectus@bmo.com.
This press release does not constitute an offer to sell or the
solicitation of any offer to buy securities, nor will there be any
sale of the 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
Statements
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 potential
distribution of Common Shares pursuant to the ATM Option, the
aggregate value of Common Shares which may be issued pursuant to
the ATM Option, the anticipated benefits and impacts of the ATM
Option, the expected use of net proceeds, if any, from the ATM
Option and the closing of the remaining Acquisitions.
Although Enbridge believes these forward-looking statements
are reasonable based on the information available on the date such
statements are made and on 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 size and terms
of the potential distribution of Common Shares pursuant to the ATM
Option, and those risks and uncertainties discussed in this news
release and in the Company'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:
Media
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Toll Free: (800)
481-2804
Email: investor.relations@enbridge.com
View original
content:https://www.prnewswire.com/news-releases/enbridge-files-prospectus-supplements-to-enable-an-at-the-market-equity-issuance-funding-option-for-its-acquisitions-302147631.html
SOURCE Enbridge Inc.