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Enbridge Income Fund Holdings launches C$500M common share offering

hasentered into an agreement with underwriters for an offering of 17,699,000 commonshares, priced at C$28.25 each, for gross proceeds of C$500.0 million.

The underwriterswere given the option to purchase up to 2,654,850 additional common shares within30 days after closing, which is scheduled for April 20, according to an April 11news release.

also agreed to concurrentlysubscribe for 5,056,150 common shares, assuming full exercise of the overallotmentoption, in a private placement transaction to maintain its 19.9% ownership interestin Enbridge Income Fund Holdings.

Proceeds fromthe offering would be used to subscribe for additional ordinary units of at the offeringprice. The holding company would then use the proceeds from this transaction tofund growth capital programs for Enbridge Pipelines (Athabasca) Inc. and , accordingto the release.

After closing,the holding company will hold 55.9% of the issued and outstanding fund units andits economic interest in the fund. The holding company will also boost its investmentto 12.8% from 10.8%, excluding any fund units acquired with proceeds of the overallotmentoption.

"This offeringwill satisfy the fund's equity requirements for 2016 and will serve to increasethe [holdings company]'s ownership of the fund and its public float," saidPerry Schuldhaus, president of Enbridge Income Fund Holdings. "Proceeds willbe used to finance the commercially secured growth program being undertaken by ourliquids pipelines business, further building out what we believe to be the premiercrude oil and liquids franchise in North America."

The projectedgrowth in the asset base and performance of existing assets are also expected toresult in dividend increases of 10% in each of 2017, 2018 and 2019, Schuldhaus saidin the release.