Enbridge closed a cross-border, SEC-registered offering of $2.2 billion of its common shares, which included the exercise in full of the underwriters’ over-allotment option.
The offering was structured as a bought-deal offering and was announced concurrently with Enbridge’s agreement to acquire a portfolio of Tallgrass Energy’s crude oil infrastructure assets.
Enbridge intends to use the net proceeds from the offering to partially fund announced acquisitions and to create financial flexibility to fund potential future growth opportunities.
Enbridge is a leading North American energy infrastructure company that transports and delivers energy across the United States and Canada.
S&C previously advised Enbridge on its $14 billion acquisition of three utilities providers, creating North America’s largest natural gas utility platform by volume.
The S&C team representing Enbridge on the equity offering included Cathy Clarkin, Tyler Kohring and Lewen Wang. Eric Wang and Saul Brander advised on tax matters. Vanessa Blackmore and Kseniia Samokhina advised on UK/EEA matters.