Enbridge closed its previously announced public offering of common shares worth approximately CDN$4.6 billion. (Source: Shutterstock)
Enbridge Inc. announced on Sept. 8 it has closed its previously announced public offering of common shares worth approximately CDN$4.6 billion.
Enbridge issued 102,913,500 common shares inclusive of 13,423,500 common shares issued pursuant to the full exercise of the underwriters' over-allotment option.
Enbridge intends to use the offering’s net proceeds to finance a portion of the aggregate cash consideration payable for the purchase of local distribution company gas utilities in the U.S. from Dominion Energy Inc.
Underwriters of the deal were RBC Capital Markets and Morgan Stanley, along with BMO Capital Markets, CIBC Capital Markets, National Bank Financial Markets, Scotiabank and TD Securities as joint bookrunners.
The exercise of the over-allotment option by the underwriters reduces and further de-risks, Enbridge's future financing requirements to fund the acquisitions.
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