Enbridge Closes Secondary Offering

On August 10, 2004, Enbridge Inc. completed the sale of 11,650,000 trust units of AltaGas Income Trust at $19.75 per trust unit for gross proceeds of approximately $218 million. The underwriting syndicate was co-led by Scotia Capital Inc., CIBC World Markets Inc. and RBC Capital Markets Inc. and included BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Clarus Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., FirstEnergy Capital Corp. and Peters & Co. Limited. On August 17, the underwriting syndicate exercised an over-allotment option and Enbridge sold an additional 1,747,500 trust units for additional gross proceeds of approximately $34 million.

As a result of the offering, Enbridge’s interest in AltaGas has decreased from approximately 36 per cent to approximately 9 per cent on a diluted basis.

Enbridge was represented by Murray Desrosiers, senior legal counsel, and by McCarthy Tétrault, with a team that included John Osler and Michael Bennett (corporate and securities).

AltaGas was represented in-house by Dennis Dawson, vice-president, general counsel and corporate secretary, and Michael Halpen, associate general counsel; and by Stikeman Elliott, with a team that included Glenn Cameron, Christopher Nixon and Keith Chatwin (corporate and securities) and David Weekes (tax).

The underwriting syndicate was represented by Blake, Cassels & Graydon, with a team that included Pat Finnerty, Ross Bentley, Daniel McLeod, Britta Wagner and Wanda Rumball.
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