CALGARY, ALBERTA--(CCNMatthews - Aug. 10, 2004) -
Not for distribution to U.S. newswire services or for
dissemination in the U.S.
Enbridge Inc. today announced that it has completed the sale of
11,650,000 Trust Units of AltaGas Income Trust ("AltaGas") to a
group of Canadian underwriters at a price of $19.75 per unit. The
sale realized net proceeds to Enbridge of approximately $217
million and generated a pre-tax gain of approximately $72
million, which will be recorded in the Company's third quarter
results. The Company's interest in AltaGas has decreased from
approximately 36% to 13%.
In addition, the underwriters have been granted an over-allotment
option to purchase up to an additional 1,747,500 Trust Units at
the issue price of $19.75 per unit at any time up to 30 days
after closing of the offering.
The underwriting syndicate was led by Scotia Capital Inc., CIBC
World Markets Inc. and RBC Capital Markets, and included BMO
Nesbitt Burns Inc., Canaccord Capital Corporation, Clarus
Securities Inc., FirstEnergy Capital Corp., HSBC Securities
(Canada) Inc., National Bank Financial Inc., Peters & Co. Limited
and TD Securities Inc.
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".
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the Trust Units in any
jurisdiction. The Trust Units offered have not been, and will not
be, registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold within the United States
of America.
-30-