trending Market Intelligence /marketintelligence/en/news-insights/trending/URK6YELY8BHDH05unBlgPg2 content esgSubNav
In This List

Enbridge Income Fund Holdings offering raises C$575M as part of Enbridge revamp


According to Market Intelligence, December 2022


Insight Weekly: Layoffs swell; energy efficiency PE deals defy downturn; 2023 global risk themes


Energy Evolution | How will US Democrats' new deal on climate affect the energy transition?


Energy Evolution | New York's aggressive climate goals create a market for manufacturers

Enbridge Income Fund Holdings offering raises C$575M as part of Enbridge revamp

Enbridge Income Fund Holdings Inc. closed its public offering of common shares launched as part of Enbridge Inc.'s corporate-wide strategic plan, yielding gross proceeds of C$575.0 million.

The company issued 20,683,900 common shares, including the underwriters' full exercise of their overallotment option, according to a Dec. 7 news release. Enbridge also subscribed for C$142.9 million worth of common shares in a private placement deal with Enbridge Income Fund Holdings to maintain its 19.9% ownership stake in the company.

Enbridge Income Fund Holdings plans to use the proceeds from the offering and the private placement to subscribe for 25,822,597 ordinary units of Enbridge Income Fund at C$27.80 per unit, or C$717.9 million in gross proceeds. The fund will then use the proceeds to pay down debt and fund growth projects for its Canadian liquids pipeline assets.

Enbridge Income Fund Holdings owns 70.5% of Enbridge Income Fund's fund units, equivalent to a 21.8% economic interest, while Enbridge owns the rest of the fund units and economic interest.

The underwriters were led by Scotiabank, RBC Capital Markets and TD Securities Inc.