May 9, 2000
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE U.S.
Enbridge Inc. today announced that it has entered into an
agreement with a group of underwriters led by Scotia Capital Inc.
to sell 4.5 million treasury common shares at $32.75 per common
share for distribution to the public. Closing of the offering is
expected on or about May 26, 2000.
The offering is being made only in Canada by means of a
prospectus. Proceeds will be used to fund investments in
subsidiaries, to repay outstanding indebtedness and for general
corporate purposes.
Enbridge also has made an offer to enter into a private placement
agreement to sell an additional 600,000 shares to Noverco Inc. at
the same price as the public issue. The placement, if accepted by
Noverco, would close on or about May 26, 2000, and would maintain
Noverco and its affiliates ownership interest in Enbridge at
approximately 10%.
Enbridge Inc. is a leader in energy transportation, distribution
and services. As a transporter of energy, Enbridge operates, in
Canada and the U.S., the world's longest crude oil and liquids
pipeline system. The Company also is involved in liquids
marketing and international energy projects, and has 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, which
provides gas in Ontario, Quebec and New York State; and is
involved in the distribution of electricity. In addition,
Enbridge provides retail energy products and services to a growing
number of Canadian and U.S. markets. The Company employs
approximately 5,500 people, primarily in Canada, the U.S. and
South America. Enbridge common shares trade on the Toronto Stock
Exchange in Canada under the symbol "ENB" and on The NASDAQ
National Market in the U.S. under the symbol "ENBR". Information
about Enbridge is available on the World Wide Web at