Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced that, subject to market and other conditions, it is considering an offering of hybrid subordinated debt securities in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation.
If a successful offering is completed, the Company intends to use the net proceeds of the offering to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17 (TSX: ENB.PF.I), in accordance with their terms, and pending such redemption, to repay short-term indebtedness as well as for general corporate purposes.
This news release does not constitute a notice of redemption with respect to the Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17, nor does it constitute an offer to sell or the solicitation of an offer to buy the hybrid subordinated debt securities in any jurisdiction. There is no certainty that Enbridge will ultimately complete the offering being considered or as to the timing or terms on which an offering might be completed. The hybrid subordinated debt securities considered to be offered by the Company have not been approved or disapproved by any regulatory authority. The hybrid subordinated debt securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States.