CALGARY, ALBERTA--(CCNMatthews - Nov. 15, 2004) - Enbridge Inc.
(TSX:ENB) (NYSE:ENB) announced today its intention to redeem all
7,000,000 of its outstanding 7.60% Series B preferred securities, at a
price of $25.00 each plus accrued interest of $0.3956 per security, and
all 7,000,000 of its 8.00% Series C preferred securities, at a price of
$25.00 each plus accrued interest of $0.4164 per security. The
redemption date is December 15, 2004 for both the 7.60% Series B
preferred securities (originally issued July 1999) and the 8.00% Series
C preferred securities (originally issued September 1999).
As described in the final prospectus for each security, the redemption
price is $25 per preferred security plus accrued and unpaid interest to
the redemption date. As of the redemption date, interest will cease to
accrue. The redemption price and accrued interest will be credited to
the accounts of beneficial holders through their individual brokers.
Beneficial holders may contact their individual brokers for additional
information about payments.
The 7.60% Series B preferred securities and the 8.00% Series C preferred
securities trade on the Toronto Stock Exchange under the symbols
"ENB.PR.B" and "ENB.PR.C", respectively.
Enbridge Inc. is a leader in energy transportation and distribution in
North America and internationally. As a transporter of energy, Enbridge
operates, in Canada and the U.S., the world's longest crude oil and
liquids transportation system. The Company also has international
operations and a growing involvement in the natural gas transmission and
midstream businesses. As a distributor of energy, Enbridge owns and
operates Canada's largest natural gas distribution company, and provides
distribution services in Ontario, Quebec, New Brunswick and New York
State. Enbridge employs approximately 4,000 people, primarily in Canada,
the U.S. and South America. Enbridge's common shares trade on the
Toronto Stock Exchange in Canada and on the New York Stock Exchange in
the U.S. under the symbol ENB. Information about Enbridge is available
on the Company's web site at www.enbridge.com.
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