Enbridge Closes $200M Offering To Aid Pipeline Project

Law360, New York (September 27, 2013, 1:42 PM EDT) -- Canada's Enbridge Inc. has closed a $200 million stock offering and will use the proceeds to partially fund capital projects such as a new 40,000-barrel-per-day pipeline in Alberta, the oil and gas company said Friday.

Enbridge issued 8 million so-called Series 5 preferred shares at an average price of $25, which began trading on the Toronto Stock Exchange Friday. The offering was conducted by a series of underwriters led by Canadian Imperial Bank of Commerce, RBC Capital Markets, Scotiabank and TD Securities Inc.

Proceeds from the...
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