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Enbridge Inc To Transfer $1.164 Billion Of Assets To Enbridge Income Fund Holdings Inc

Thursday, 25 Oct 2012 05:46pm EDT 

Enbridge Inc announced that it has entered into an agreement with Enbridge Income Fund to transfer a group of crude oil storage, wind power and solar power assets at a price of $1.164 billion to the Fund. The transfer is subject to approval by the public shareholders of Enbridge Income Fund Holdings Inc., at a meeting to be held December 7, 2012, and to the closing of a $222 million subscription receipt public offering by ENF. Enbridge will receive cash proceeds from the transaction of $222 million and an additional $582 million in the form of term debt of the Fund, which the Fund is expected to repay to Enbridge through issuance of public term debt. Enbridge will also subscribe for $305 million of additional Enbridge Commercial Trust (ECT) preferred units and $55 million in common shares of ENF on a private placement basis at the same price per security as the subscription receipt offering, maintaining its interest in ENF at 19.9%. As a result of the transfer, Enbridge's economic interest in the Fund as a whole, represented by its direct ownership of Fund trust units and ECT preferred units, as well as its 19.9% interest in ENF, will be reduced from 69.2% to 67.8%. The terms of the transfer were negotiated between Enbridge and a committee of independent trustees of Enbridge Commercial Trust on behalf of the Fund. 

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