ENB Announces Public Offering Of Up To 9 Million Shares

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Press release here.

ENB today announced that it has commenced an underwritten public offering of approximately eight million of its Listed Shares (the "Shares"). Enbridge Management is expected to grant the underwriters a 30-day option to purchase up to an additional one million Shares.

Proceeds will be used to invest in an equal number of i-units of Enbridge Energy Partners, L.P.

Enbridge Partners will utilize such proceeds, including the proceeds from any exercise of the option to purchase additional Shares, to repay commercial paper, to finance a portion of its capital expansion program relating to its core liquids and natural gas systems and for general partnership purposes. Some or all of the net proceeds of this offering may be invested temporarily in short-term investment grade securities pending their use for such purposes.

All things being equal, shares of ENB should open about $41 tomorrow, but all things are not equal.