Enbridge Inc. today announced that it has entered into an agreement with a group of underwriters led by CIBC World Markets Inc. to issue $200 million of Preferred Securities. Each security represents $25 principal amount of unsecured junior subordinated debentures, bears interest at 7.80% per annum payable quarterly, has a term of approximately 49 years and is redeemable at par by Enbridge at any time after five years. Enbridge intends to file a preliminary prospectus in respect of the offering by February 1,2002. Closing of the offering is expected on or about February 15, 2002.
The offering is being made in Canada by means of a prospectus. Proceeds will be used to reduce outstanding indebtedness, to make investments in subsidiaries, and for general corporate purposes. The Preferred Securities under this offering have received preliminary ratings of Pfd-2 y from Dominion Bond Rating Service Limited, A3 from Moody's Investor Services, Inc. and BBB from Standard & Poor's Corporation.
The securities being offered by Enbridge have not been, nor willbe, registered under the United States Securities Act of 1933, asamended, and may not be offered or sold in the United States or toU.S. persons absent registration or applicable exemption from theregistration requirement of such Act.
Enbridge Inc. is a leader in energy transportation and distributionin North America and internationally. As a transporter of energy,Enbridge operates, in Canada and the U.S., the world's longestcrude oil and liquids transportation system. The Company also isinvolved in international energy projects and has a growinginvolvement in the natural gas transmission and midstreambusinesses. As a distributor of energy, Enbridge owns and operatesCanada's largest natural gas distribution company, which providesdistribution services in Ontario, Quebec and New York State; and isdeveloping a gas distribution system for the province of NewBrunswick. The Company employs approximately 6,000 people,primarily in Canada, the U.S. and South America. Enbridge commonshares trade on The Toronto Stock Exchange in Canada and on The NewYork Stock Exchange in the U.S., under the symbol ENB. Informationabout Enbridge is available on the Company's web site atwww.enbridge.com.
Not for distribution to U.S. news wire services or fordissemination in the U.S.
For more information please contact:
Media
Scott Wilson
(403) 231-3915
E-mail: scott.wilson@corp.enbridge.com
Investment community
Al Monaco
(403) 231-3973
E-mail: al.monaco@corp.enbridge.com