Enbridge Inc. and Enbridge Income Fund Announce Fund Noteholder Approval to Exchange Certain Enbridge Income Fund Medium Term Notes for Newly-Issued Enbridge Inc. Medium Term Notes

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Dec 07, 2018, 16:00 ET

CALGARY, Dec. 7, 2018 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) and Enbridge Income Fund (the Fund) today announced that holders (Fund Noteholders) of certain series of the Fund's outstanding medium term notes (Fund Notes) representing greater than 66 2/3% of the principal amount of the outstanding Fund Notes, voting together as a single class, delivered valid consents and proxies voting FOR the transaction to exchange the Fund Notes for an equal principal amount of newly issued medium term notes of Enbridge, having financial terms that are the same as the financial terms of the Fund Notes (the Note Exchange Transaction).

As a result, the Fund has received sufficient valid consents and proxies to pass the extraordinary resolution approving the Note Exchange Transaction and has cancelled the meeting of Fund Noteholders that was previously scheduled to be held on December 10, 2018.

The following Fund Notes will be subject to the Note Exchange Transaction:

4.85% Medium Term Notes, Series 4 due November 12, 2020
4.10% Medium Term Notes, Series 6 due February 22, 2019
4.85% Medium Term Notes, Series 7 due February 22, 2022
3.94% Medium Term Notes, Series 10 due January 13, 2023
3.95% Medium Term Notes, Series 12 due November 19, 2024
4.87% Medium Term Notes, Series 13 due November 21, 2044

It is anticipated that the Note Exchange Transaction will be completed prior to December 31, 2018.

BMO Capital Markets acted as Solicitation Agent for the transaction, AST Trust Company (Canada) acted as the Tabulation Agent and D.F. King Canada acted as the Information Agent.

FORWARD-LOOKING STATEMENTS
Forward-looking information, or forward-looking statements, has been included in this news release to provide information about Enbridge and the Fund, including statements with respect to: the completion of the Note Exchange Transaction, including the anticipated timing thereof, and the terms of the Enbridge Notes to be issued to Fund Noteholders in exchange for their Fund Notes. This information may not be appropriate for other purposes. Although Enbridge and the Fund believe 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 performance 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 result, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the approval of the Note Exchange Resolution, the completion of the Note Exchange Transaction and the business and financial strength of Enbridge compared to that of the Fund.

Enbridge's and the Fund's forward-looking statements are subject to risks and uncertainties pertaining to the completion of the Note Exchange Transaction. 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 and the Fund'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 and the Fund assume 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 the Fund or persons acting on their behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.
Enbridge is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. The Company safely delivers an average of 2.9 million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 62% of U.S.-bound Canadian crude oil exports; and moves approximately 22% of all natural gas consumed in the U.S., serving key supply basins and demand markets. The Company's regulated utilities serve approximately 3.7 million retail customers in Ontario, Quebec, and New Brunswick. Enbridge also has interests in more than 1,700 MW of net renewable generating capacity in North America and Europe. The Company has ranked on the Global 100 Most Sustainable Corporations index for the past nine years; its common shares trade on the Toronto and New York stock exchanges under the symbol ENB.

Life takes energy and Enbridge exists to fuel people's quality of life. For more information, visit www.enbridge.com.

About Enbridge Income Fund
The Fund is an unincorporated open-ended trust established by a trust indenture under the laws of the Province of Alberta. Through its indirect investment in Enbridge Income Partners LP (EIPLP), the Fund indirectly holds high quality, low risk energy infrastructure assets. EIPLP's assets consist of a portfolio of Canadian liquids transportation and storage assets, including the Canadian Mainline, the Regional Oil Sands System, the Canadian segment of the Southern Lights Pipeline, Class A units entitling the holder to receive defined cash flows from the U.S. segment of the Southern Lights Pipeline, and a 50% interest in the Alliance Pipeline, which transports natural gas from Canada to the U.S., and interests in more than 1,400 MW of renewable and alternative power generation assets. Further information about Enbridge Income Fund is available at www.enbridgeincomefund.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media
Jesse Semko
Toll Free: (888) 992-0997
Email: [email protected]

Investment Community
Jonathan Gould
Toll Free: (800) 481-2804
Email: [email protected]

SOURCE Enbridge Inc.