Enbridge Inc. (NYSE: ENB) has entered into subscription agreements with three large institutional investors to issue 33,456,003 common shares from treasury.
The private placement was priced at CA$44.84 (US$34.88) per common share, for gross proceeds of approximately CA$1.5 billion (roughly US$1.1 billion).
The proceeds from the offering will be used to pay down short term indebtedness pending investment in capital projects.
Closing of the offering is expected to occur on or about December 6, 2017.
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