CALGARY, ALBERTA--(CCNMatthews - Oct. 4, 2004) -
Not for distribution to U.S. newswire services or for dissemination in the U.S.
Enbridge Inc. today announced that it has closed the sale of 4,800,000 Trust Units of AltaGas Income Trust ("AltaGas") to a group of Canadian underwriters at a price of $19.85 per unit. Enbridge has realized net proceeds of approximately $95 million and recorded a pre-tax gain of approximately $36 million.
Enbridge no longer holds any interest in AltaGas. Together with the sale of 13,397,500 AltaGas Trust Units that closed in August of 2004, Enbridge has realized aggregate net proceeds of approximately $345 million and recorded a pre-tax gain of approximately $120 million from the sale of its investment in AltaGas.
The underwriting syndicate was led by Scotia Capital Inc., CIBC World Markets Inc. and RBC Capital Markets, and included BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Clarus Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, FirstEnergy Capital Corp. and Peters & Co. Limited.
Enbridge Inc. is a leader in energy delivery in North America. Enbridge owns and operates, in Canada and the U.S., the world's longest crude oil and liquids pipeline system, and Canada's largest natural gas distribution company, providing gas to 1.7 million customers in Ontario, Quebec, New Brunswick and New York State. The Company also is involved in international energy projects, and the natural gas transmission and midstream businesses. The Company employs approximately 4,000 people, primarily in Canada, the U.S. and South America. Enbridge 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".
For more information please contact:
Enbridge Inc.
Jim Rennie
Media
(403) 231-3931
Email: jim.rennie@enbridge.com
or
Enbridge Inc.
Colin Gruending
Investment Community
(403) 231-5919
Email: colin.gruending@enbridge.com
Website: www.enbridge.com