Enbridge Issues $500MM of Long-Term Debt

Enbridge Inc. announced that its wholly owned subsidiary Enbridge Pipelines Inc. (EPI) has completed a $300 million 10-year term debt issuance. The issuance carries a 6.62 % coupon and was placed with 30 institutional investors.

This follows a $200 million five-year term debt issuance by Enbridge Gas Distribution that was completed on November 12, 2008. This debt carries a coupon of 5.57% and was placed with 32 institutional investors.

"Our ability to complete these issuances in these uncertain capital markets and the low coupons associated with the debt, highlight Enbridge's financial strength," said J. Richard Bird, Executive Vice President, Chief Financial Officer and Corporate Development, Enbridge Inc., "We continue to enjoy strong investment grade credit ratings, supported by a sound balance sheet with debt to capital at the lower end of our target range.

"An adequate supply of bank liquidity is another important plank supporting our financial strength and flexibility. After closing our investment in Enbridge Energy Partners, L.P., we will have more than $3 billion of unutilized credit facilities which will enable us to bridge through any period of capital market disruption. This level of liquidity is sufficient to more than absorb the capital markets funding requirements of our commercially secured development projects over the next five years," noted Mr. Bird.

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