|By Marketwired .||
|December 14, 2012 11:15 AM EST||
CALGARY, ALBERTA -- (Marketwire) -- 12/14/12 -- Enbridge Income Fund (the "Fund") announced today that it has closed a $500 million offering of medium term notes comprised of $225 million of 2.92% 5-year notes and $275 million of 3.94% 10-year notes.
The net proceeds of the offering, together with cash on hand and draws on the Fund's committed credit facility, have been used by the Fund to fully repay the 5%, $582 million loan advanced by Enbridge Inc. (TSX:ENB) (NYSE:ENB) on December 10, 2012, to partially finance a $1.164 billion acquisition of crude oil storage and renewable power generation assets by indirect wholly-owned subsidiaries of the Fund (the "Transaction").
Additional information with respect to the Transaction can be found in the Fund's public filings including news releases issued on October 25, 2012 and December 10, 2012.
About Enbridge Income Fund
Enbridge Income Fund (the Fund) is an unincorporated, open-ended trust created to provide a stable and sustainable flow of distributable cash to unitholders. The Fund, with an enterprise value approaching $5 billion, owns assets that include crude oil gathering pipelines in Saskatchewan and Manitoba and crude oil storage terminals and caverns near Hardisty, Alberta, as well as interests in renewable and alternative power generation assets in Alberta, Saskatchewan and Ontario with a combined capacity of 524 megawatts (MW). The Fund also holds a 50% interest in the Canadian segment of the Alliance Pipeline that transports high-energy natural gas from northeastern British Columbia and northwestern Alberta to delivery points near Chicago, Illinois. Public investment in the Fund is available through Enbridge Income Fund Holdings Inc. (the Company). The Company is a publicly traded corporation that has a 38.5% economic interest in the Fund. The Company trades on the Toronto Stock Exchange under the symbol "ENF". Further information about Enbridge Income Fund and Enbridge Income Fund Holdings Inc. is available at www.enbridgeincomefund.com.
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