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Enbridge Income Fund Holdings Inc Agrees To Sell Common Shares To Enbridge Inc

Wednesday, 13 Feb 2013 05:03pm EST 

Enbridge Income Fund Holdings Inc announced that it has entered into an agreement with CIBC and RBC Capital Markets to sell 3,820,000 common shares of the Company (Common Shares) on a bought deal basis at $25.00 per Common Share for distribution to the public. Closing of the offering is expected on or about February 22, 2013. Enbridge Inc. (Enbridge) has agreed to concurrently subscribe for 948,000 Common Shares at a price of $25.00 per Common Share on a private placement basis to maintain its proportionate ownership interest in the Company of 19.9% and 5,232,000 Preferred Units, Series 4 of Enbridge Commercial Trust at a price of $25.00 per unit. The Company will use the net proceeds from the sale of the Common Shares to subscribe for additional ordinary units of Enbridge Income Fund. The proceeds from the issuance of the Fund Units and ECT Preferred Units, Series 4 will be used to repay debt used to fund capital expenditures and to partially fund ongoing capital expenditures associated with the Fund's organic expansion strategy. 

Company Quote

0.16 +0.32%
24 Dec 2014