Enbridge Announces the Closing of CDN$4.6 Billion Common Equity Offering Inclusive of Underwriters'; Over-Allotment

Rhea-AI Summary

Enbridge Inc. closes CDN$4.6 billion common equity offering to finance acquisition of local distribution company gas utilities in the United States from Dominion Energy, Inc.

Positive

• Enbridge successfully closed the common equity offering, raising approximately CDN$4.6 billion to finance the acquisition of gas utilities.
• The offering reduces Enbridge's future financing requirements and de-risks the acquisition.

Negative

• None.

CALGARY, AB, Sept. 8, 2023 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) today announced it has closed its previously announced public offering (the Offering) of common shares by a syndicate of underwriters led by RBC Capital Markets and Morgan Stanley, together with BMO Capital Markets, CIBC Capital Markets, National Bank Financial Markets, Scotiabank, TD Securities as joint bookrunners. 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. Gross proceeds from the Offering are approximately CDN$4.6 billion.

Enbridge intends to use the net proceeds from the Offering to finance a portion of the aggregate cash consideration payable for the purchase of local distribution company gas utilities in the United States from Dominion Energy, Inc. (the Acquisitions), the details of which were announced in a news release issued by Enbridge on September 5, 2023.

The exercise of the over-allotment option by the underwriters reduces, and further de-risks, Enbridge's future financing requirements to fund the Acquisitions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

A copy of the Canadian Prospectus and the Canadian Prospectus Supplement is available on SEDAR+ (http://www.sedarplus.ca) and a copy of the U.S. Prospectus and U.S. Prospectus Supplement is available on the SEC website (http://www.sec.gov). You can request copies of the Canadian Prospectus and Canadian Prospectus Supplement from RBC Dominion Securities Inc., 180 Wellington Street West, 8th Floor, Toronto, ON M5J 0C2, Attention: Distribution Centre, or via telephone: 1-416-842-5349, or via e- mail at Distribution.RBCDS@rbccm.com and the U.S. Prospectus and U.S. Prospectus Supplement from RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attention: Equity Syndicate, phone: 877-822-4089, Email: equityprospectus@rbccm.com or Morgan Stanley & Co. LLC - Attn: Prospectus Department - 180 Varick Street, 2nd Floor - New York, NY 10014.

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges.

Forward Looking Statements

This news release contains both historical and forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws (collectively, forward-looking statements). Forward-looking statements have been included to provide potential investors with information about Enbridge. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "anticipate", "believe", "estimate", "expect", "forecast", "intend", "likely", "plan", "project", "target" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements included in this news release include, but are not limited to, statements with respect to the following: the use of proceeds of the Offering and the purchase of local distribution company gas utilities in the United States from Dominion Energy, Inc.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future events and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual events to differ materially from those expressed or implied by such statements.

Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to the possibility that the Acquisitions do not close when expected, or at all, because required regulatory approvals and other conditions to closing are not received or satisfied on a timely basis, and those other risks and uncertainties disclosed in Enbridge's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements.

FOR FURTHER INFORMATION PLEASE CONTACT:
Enbridge Inc. - Media	Enbridge Inc. - Investment Community
Jesse Semko	Rebecca Morley
Toll Free: (888) 992-0997	Toll Free: (800) 481-2804
Email: media@enbridge.com	Email: investor.relations@enbridge.com

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SOURCE Enbridge Inc.