Company raises C$700.09 million in public sale of stock at same price
By Devika Patel
Knoxville, Tenn., Nov. 6 – Enbridge Income Fund Holdings Inc. said it completed a C$173.92 million private placement of stock with Enbridge Inc. The company also raised C$700.09 million in a public offering at the same price per share.
The company sold 5,335,000 common shares at C$32.60 apiece. The price per share represents a 4.62% premium to C$31.16, the Nov. 5 closing share price.
The deal was conducted alongside a public sale of 21,475,000 shares. The public offering was underwritten by a syndicate of underwriters that included TD Securities Inc., Scotiabank, RBC Capital Markets, BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Credit Suisse Securities (Canada), Inc., Desjardins Securities Inc., FirstEnergy Capital Corp., GMP Securities LP, Peters & Co. Ltd., AltaCorp Capital Inc. and Macquarie Capital Markets Canada Ltd. The underwriters may exercise an over-allotment option of 3,064,877 additional shares until Dec. 6.
If the public greenshoe is exercised, Enbridge Inc. may buy more shares in the placement to maintain its 19.9% ownership interest in the company.
Proceeds will be used for secured capital growth projects associated with the Canadian liquids pipeline assets owned by Enbridge Pipelines Inc. and Enbridge Pipelines (Athabasca) Inc.
Calgary, Alta.-based Enbridge Income Fund focuses on investments in energy infrastructure assets.
| Issuer: | Enbridge Income Fund Holdings Inc.
|
| Issue: | Common shares
|
| Amount: | C$173,921,000
|
| Shares: | 5,335,000
|
| Price: | C$32.60
|
| Warrants: | No
|
| Investor: | Enbridge Inc.
|
| Settlement date: | Nov. 6
|
| Stock symbol: | Toronto: ENF
|
| Stock price: | C$31.16 at close Nov. 5
|
| Market capitalization: | C$2.12 billion
|
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