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Enbridge to Transfer $1.164 Billion of Assets to Enbridge

Enbridge to Transfer $1.164 Billion of Assets to Enbridge Income Fund 
CALGARY, ALBERTA -- (Marketwire) -- 10/25/12 -- Enbridge Inc.
(TSX:ENB) (NYSE:ENB) announced today that it has entered into an
agreement with Enbridge Income Fund ("the Fund") to transfer a group
of crude oil storage, wind power and solar power assets at a price of
$1.164 billion to the Fund. The transfer is subject to approval by
the public shareholders of Enbridge Income Fund Holdings Inc. (TSX:
ENF) ("ENF"), at a meeting to be held December 7, 2012, and to the
closing of a $222 million subscription receipt public offering by
ENF.  
Enbridge will receive cash proceeds from the transaction of $222
million and an additional $582 million in the form of term debt of
the Fund, which the Fund is expected to repay to Enbridge through
issuance of public term debt. Enbridge will also subscribe for $305
million of additional Enbridge Commercial Trust ("ECT") preferred
units and $55 million in common shares of ENF on a private placement
basis at the same price per security as the subscription receipt
offering, maintaining its interest in ENF at 19.9%. As a result of
the transfer, Enbridge's economic interest in the Fund as a whole,
represented by its direct ownership of Fund trust units and ECT
preferred units, as well as its 19.9% interest in ENF, will be
reduced from 69.2% to 67.8%. The terms of the transfer were
negotiated between Enbridge and a committee of independent trustees
of Enbridge Commercial Trust on behalf of the Fund. 
"We are pleased to be moving forward with this second billion dollar
plus drop down to the Enbridge Income Fund, consistent with the
sponsored vehicle drop down strategy outlined at our recent Enbridge
Day investor conference," said J. Richard Bird, Executive Vice
President, Chief Financial Officer and Corporate Development,
Enbridge Inc. "The drop down will enhance the distributable cash flow
of the Fund and ENF, benefiting both the public investors in ENF, as
well as Enbridge through our 19.9% interest in ENF. The transaction
will provide $800 million of net funding for our large growth capital
investment program, including further front end bolstering of our
equity base. This funding strategy is modestly accretive to
Enbridge's earnings per share in the near term compared to issuing
Enbridge common shares, and more accretive over the medium term." 
About Enbridge Inc. 
Enbridge Inc. is a North American leader in delivering energy and one
of the Global 100 Most Sustainable Corporations. As a transporter of
energy, Enbridge operates, in Canada and the U.S., the world's
longest crude oil and liquids transportation system. The Company also
has a significant and growing involvement in natural gas gathering,
transmission and midstream businesses, and an increasing involvement
in power transmission. As a distributor of energy, Enbridge owns and
operates Canada's largest natural gas distribution company, and
provides distribution services in Ontario, Quebec, New Brunswick and
New York State. As a generator of energy, Enbridge has interests in
close to 1,000 megawatts of renewable and alternative energy
generating capacity and is expanding its interests in wind and solar
energy, geothermal and hybrid fuel cells. Enbridge employs more than
10,000 people, primarily in Canada and the U.S. and is ranked as one
of Canada's Greenest Employers and one of Canada's Top 100 Employers
for 2013. Enbridge is included on the 2012/2013 Dow Jones
Sustainability World Index and the Dow Jones Sustainability North
America Index and is also a constituent of the 2012/2013 FTSE4Good
Index Series. Enbridge is also featured on the 2012 Carbon Disclosure
Leadership Index. Our U.S. affiliate, Enbridge Energy Partners, is
ranked as one of the 100 Most Trustworthy Companies in America.
Enbridge's common shares trade on the Toronto and New York stock
exchanges under the symbol ENB. For more information, visit
www.enbridge.com.  
Certain information provided in this news release constitutes
forward-looking statements. The words "anticipate", "expect",
"project", "estimate", "forecast" and similar expressions are
intended to identify such forward-looking statements. Although
Enbridge believes that these statements are based on information and
assumptions which are current, reasonable and complete, these
statements are necessarily subject to a variety of risks and
uncertainties pertaining to operating performance, regulatory
parameters, weather, economic conditions and commodity prices. You
can find a discussion of those risks and uncertainties in our
Canadian securities filings and American SEC filings. While Enbridge
makes these forward-looking statements in good faith, should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
significantly from those expected. Except as may be required by
applicable securities laws, Enbridge assumes no obligation to
publicly update or revise any forward-looking statements made herein
or otherwise, whether as a result of new information, future events
or otherwise. visit www.enbridge.com.
Contacts:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: (888) 992-0997
jennifer.varey@enbridge.com 
Enbridge Inc.
Jody Balko
Investment Community
(403) 231-5720
jody.balko@enbridge.com
www.enbridge.com
 
 
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