ENB.PF.I : Redemption Considered

Enbridge Inc. has announced:

that, subject to market and other conditions, it is considering an offering of hybrid subordinated debt securities in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation.

If a successful offering is completed, the Company intends to use the net proceeds of the offering to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17 (TSX: ENB.PF.I), in accordance with their terms, and pending such redemption, to repay short-term indebtedness as well as for general corporate purposes.

This news release does not constitute a notice of redemption with respect to the Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17, nor does it constitute an offer to sell or the solicitation of an offer to buy the hybrid subordinated debt securities in any jurisdiction.

ENB.PF.I is a FixedReset 5.15%+414M515, that commenced trading 2016-11-23 after being announced 2016-11-15. It is tracked by HIMIPref™ and has been added to the Scraps index due to credit concerns.

Thanks to Assiduous Reader NK for bringing this to my attention!

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