Enbridge Inc. (ENB.TO) announced that as a result of strong investor demand for its previously announced offering of Cumulative Redeemable Preference Shares, Series 1, the size of the offering has been increased to 16 million shares. The aggregate gross proceeds will be US$400 million.
The offering is being made only in Canada by means of a prospectus. Proceeds will be used to partially fund capital projects, to reduce existing indebtedness and for other general corporate purposes.
ENB shares were down 17 cents to $46.53 on volume of 606,000.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
