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Enbridge Files Prospectus Supplements to Enable an At-the-Market Equity Issuance Funding Option for its Acquisitions
Enbridge Files Prospectus Supplements to Enable an At-the-Market Equity Issuance Funding Option f...
About this update from Enbridge Inc.
Enbridge Files Prospectus Supplements to Enable an At-the-Market Equity Issuance Funding Option for its Acquisitions /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prnml40{ MARGIN-LEFT:3.33em !IMPORTANT } Canada NewsWire CALGARY, AB , May 16, 2024 /CNW/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that it has made certain Canadian and U.S. securities filings to enable an at-the-market equity issuance program (the ATM Option). The ATM Option provides Enbridge with additional flexibility to partially fund its previously announced acquisitions of three U.S. natural gas utilities from Dominion Energy, Inc. (the Acquisitions) and the Company intends that proceeds would be used for that purpose. The Company continues to have a variety of alternative funding options available to it for the Acquisitions, including the issuance of senior unsecured notes and junior subordinated (hybrid) debt, and its ongoing capital recycling program. Pursuant to the ATM Option, Enbridge may issue and sell, at its discretion, up to $2.75 billion (or the U.S. dollar equivalent) of common shares of the Company (Common Shares) from treasury to the public from time to time, at the market prices prevailing at the time of sale through the Toronto Stock Exchange, the New York Stock Exchange or any other marketplace in Canada or the United States where the Common Shares may be traded, and, as a result, prices at which the Common Shares are sold may vary among purchasers and during the period of any distribution. Distributions of Common Shares, if any, pursuant to the ATM Option will be made through "at-the-market distributions" as defined in National Instrument 44-102 – Shelf Distributions and in sales deemed to be "at the market offerings" as defined in Rule 415 promulgated under the U.S. Securities Act of 1933, as amended, or as otherwise permitted by applicable laws, in each case,  pursuant to the terms of an equity distribution agreement (the Equity Distribution Agreement) dated May 15, 2024 entered into between the Company and a syndicate of sales agents led by BMO Nesbitt Burns Inc. in Canada and BMO Capital Markets...