Deal Description: Enbridge Inc. (NYSE: ENB) (TSX: ENB) (“Enbridge”) has established an at-the-market equity issuance program (the “ATM Option”) and entered into an Equity Distribution Agreement with a syndicate of sales agents led by BMO Nesbitt Burns Inc. in Canada and BMO Capital Markets Corp. in the United States (the lead sales agents), and including CIBC Capital Markets, National Bank Financial Markets, Scotiabank, TD Securities, Barclays, BofA Securities, Citigroup, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, RBC Capital Markets, ATB Capital Markets, Desjardins Capital Markets and Morgan Stanley, dated May 15, 2024, under which Enbridge may issue and sell, at its discretion, up to C$2.75 billion (or the U.S. dollar equivalent) of its common shares.

The ATM Option provides Enbridge with additional flexibility to partially fund its previously announced acquisitions of three U.S. natural gas utilities from Dominion Energy, Inc. and Enbridge intends that proceeds would be used for that purpose.

Baker Botts represented the sales agents.

The full press release is here.

Baker Botts Lawyers/Office Involved:

Corporate: Joshua Davidson (Partner, Houston); Natasha Khan (Partner, Houston); Garrett Hughey (Senior Associate, Houston); Chelsea Johnson (Associate, Houston); Blake Vick (Associate, Houston)

Tax: Chuck Campbell (Special Counsel, Houston)

Environmental: Elizabeth Singleton (Special Counsel, Houston)

Energy Regulatory:  Ryan Norfolk (Special Counsel, Washington); Dianne Evans (Associate, Washington)

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