The equity cheque cleared this morning. The Rockies pipes have not
Enbridge Inc. (TSX: ENB, NYSE: ENB) announced September 14 it has closed its previously announced public offering of common shares. The company issued 44,735,000 common shares, inclusive of 5,835,000 shares from the full exercise of the underwriters' over-allotment option. Gross proceeds are approximately C$3.0 billion.
The bought deal was announced September 9 as 38,900,000 shares at C$66.85 for C$2.6 billion of gross proceeds, with a 15 percent over-allotment that could take the total to about C$3.0 billion. That option was exercised in full.
Enbridge said it intends to use the net proceeds to partially fund announced acquisitions and to create financial flexibility for potential future growth. A portion may be used temporarily to reduce indebtedness or invested in short-term liquid investments. The September 9 package tied the raise to the US$2.55 billion Tallgrass crude-infrastructure acquisition announced the same day and to the Salt Creek Midstream crude gathering deal announced August 26. Tallgrass is still expected to close later in 2026, subject to customary conditions. This morning's note is an equity close, not a deal close.
This is balance-sheet paper. It does not move Line 5, TMX, or West Coast volumes.
Neutral read
ENB is on the listed pipeline list. Banks were skipped. A C$3.0 billion close and an unfinished Tallgrass close are the facts. Write this as funding that is now in, not as Rockies barrels already on Enbridge's system. Watch the Tallgrass closing notice and whether the company restates leverage after the cash hits the accounts.