Enbridge closes C$450 million preferred share offering
Date Closed
July 17, 2012
Lead Office
Calgary
Value
450.00 Million CAD
On July 17, 2012 Enbridge Inc. announced it had closed its previously announced public offering of Cumulative Redeemable Preference shares, Series N (the "Series N Preferred Shares") by a syndicate of underwriters led by RBC Capital Markets, CIBC, Scotiabank, and TD Securities Inc. Enbridge issued 18 million Series N Preferred Shares for gross proceeds of C$450 million. The Series N Preferred Shares will begin trading on the TSX under the symbol ENB.PR.N.
The net proceeds will be used to partially fund capital projects, to reduce short term indebtedness and for other general corporate purposes.
Enbridge, headquartered in Calgary, Alberta, is an energy transportation and distribution company.
McCarthy Tétrault LLP represented Enbridge, the issuer, with a team led by John Osler.