Enbridge Inc. Announces CDN$3.0B Bought‑Deal Common Share Offering

What Happened

• Enbridge Inc. announced a bought‑deal public offering of common shares. On September 10, 2026 the company entered an underwriting agreement with a syndicate led by RBC Dominion Securities Inc. and CIBC World Market Inc.; on September 14, 2026 the company issued and sold 44,735,000 common shares.
• The offering price was CDN$66.85 per share. The underwriters initially agreed to buy 38,900,000 shares and were granted an Over‑Allotment (greenshoe) option for up to 5,835,000 additional shares, which they exercised in full. Aggregate gross proceeds to the company were approximately CDN$3.0 billion before underwriting commissions and offering expenses.

Key Details

• Underwriting agreement dated: September 10, 2026; sale completed: September 14, 2026.
• Shares sold: 44,735,000 total (38,900,000 initial + 5,835,000 over‑allotment).
• Price per share: CDN$66.85.
• Gross proceeds: ~CDN$3.0 billion (before fees and expenses).
• Offering made under the company’s effective shelf registration (filed Aug 1, 2025) and prospectus supplements; legal opinion of McCarthy Tétrault LLP and the underwriting agreement were filed as exhibits to the 8‑K.

Why It Matters

• This is a material equity capital raise: issuing 44.7M new shares increases Enbridge’s shares outstanding and raises substantial cash (~CDN$3.0B) for the company. For investors, that means potential dilution of existing holdings but also increased corporate liquidity.
• The bought‑deal structure (underwriters purchased the shares on a firm commitment) provided Enbridge with certainty of proceeds and quicker execution than a marketed offering.