CALGARY, ALBERTA–(Marketwired – April 11, 2016) Enbridge Income Fund Holdings Inc. (the “Company”) (TSX:ENF) today announced that it has entered into an agreement with a syndicate of underwriters led by Scotiabank, BMO Capital Markets and CIBC Capital Markets for the purchase and distribution to the public of 17,699,000 common shares (“Common Shares”) at a price of $28.25 per Common Share (the “Offering Price”) for gross proceeds of $499,996,750 (the “Offering”).

The underwriters were also granted an over-allotment option, exercisable within 30 days following closing of the Offering, to acquire up to an additional 2,654,850 Common Shares at the Offering Price. Closing of the Offering is expected on or about April 20, 2016.

Enbridge Inc. (“Enbridge”) (TSX:ENB)(NYSE:ENB) has agreed to concurrently subscribe for 5,056,150 Common Shares, assuming the over-allotment option is exercised in full, to be issued at the Offering Price on a private placement basis to maintain its 19.9 percent ownership interest in the Company.

The Company intends to use the proceeds from the sale of the Common Shares to subscribe for additional ordinary units (“Fund Units”) of Enbridge Income Fund (the “Fund”) at the Offering Price. The proceeds from the issuance of the Fund Units are expected to be used to fund the secured growth capital programs of Enbridge Pipelines (Athabasca) Inc. (“EPAI”) and Enbridge Pipelines Inc. (“EPI”).

“This offering will satisfy the Fund’s equity requirements for 2016 and will serve to increase the Company’s ownership of the Fund and its public float,” said Enbridge Income Fund Holdings Inc. President Perry Schuldhaus. “Proceeds will be used to finance the commercially secured growth program being undertaken by our Liquids Pipelines business, further building out what we believe to be the premier crude oil and liquids franchise in North America.”

“As previously announced, we expect the Company to increase its dividend by 10 percent in each of 2017, 2018 and 2019 based on anticipated growth in the Fund Group’s asset base and the performance of its existing assets over this period.”

Following closing, the Company will hold 55.9 percent of the issued and outstanding Fund Units and the Company’s economic interest in the Fund and its investments will increase from 10.8 percent to 12.8 percent, exclusive of any Fund Units acquired with proceeds of the over-allotment option.

The Common Shares will be issued in all of the provinces of Canada by way of a prospectus supplement to the Company’s short-form base shelf prospectus dated December 14, 2015. Closing of the Offering is subject to certain conditions, including prospectus supplement to the Company’s receipt of the approval of the Toronto Stock Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the Common Shares in any jurisdiction. The Common Shares offered have not been registered under the United State Securities Act of 1933, as amended, and may not be offered or sold within the United States.


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