On March 1, 2016, Enbridge Inc. closed a bought deal offering of common shares by a syndicate of underwriters led by RBC Capital Markets, Credit Suisse, BMO Capital Markets, CIBC World Markets, Scotiabank, and TD Securities. Gross proceeds from the offering totaled approximately $2.3 billion.
The equity raised through the offering is expected to fulfill equity funding requirements for Enbridge’s consolidated commercially secured growth program through the end of 2017.
Enbridge Inc. was represented by its internal legal department and supported by John Osler, QC, Wilson Acton and Frances Candy of McCarthy Tétrault LLP. Sullivan & Cromwell LLP acted as US counsel to Enbridge with a deal team consisting of Robert Buckholz, Donald Crawshaw, Jingjing Lu and Minglei Zhao.
Dentons Canada LLP acted as Canadian counsel to the underwriters with a deal team consisting of Keith Inman, Toby Allan and Adam Hassan. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel to the underwriters with a deal team consisting of Christopher Cummings, Stephen Centa and Rebecca Vasluianu.