Enbridge Inc. Prices $2.6B CAD Common Share Offering to Fund Strategic Acquisitions

Executive Summary

Enbridge Inc. (TSX/NYSE: ENB) filed a prospectus supplement on Form 424B5 relating to an underwritten public offering of 38,900,000 Common Shares at an offering price of $66.85 CAD per share, generating gross proceeds of approximately $2.60 billion CAD (net proceeds of ~$2.50 billion CAD after underwriting discounts and estimated expenses).

Additionally, the underwriters have been granted a 30-day over-allotment option to purchase up to an additional 5,835,000 Common Shares, which would raise total gross proceeds to approximately $2.99 billion CAD if exercised in full.

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Key Transaction Terms

• Issuer: Enbridge Inc.
• Securities Offered: 38,900,000 Common Shares (plus up to 5,835,000 over-allotment shares)
• Public Offering Price: $66.85 CAD per share
• Underwriting Fee: $2.173 per share ($84.53 million CAD total)
• Net Proceeds to Company: ~$2.516 billion CAD (before estimated expenses of $2.0M CAD)
• Closing Date: On or about September 14, 2026
• Total Shares Outstanding Post-Offering:
  • 2,223,008,639 shares (excluding over-allotment)
  • 2,228,843,639 shares (if over-allotment is exercised in full)
• Joint Bookrunners: RBC Capital Markets, CIBC Capital Markets, Scotiabank, BMO Capital Markets, TD Securities Inc., and National Bank of Canada Financial Markets.

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Use of Proceeds & Recent Strategic Acquisitions

The net proceeds will be deployed primarily to finance major strategic liquids infrastructure transactions:

1. Tallgrass Energy Acquisition ($2.55B USD): Definitive agreement announced September 9, 2026, to acquire Rockies crude infrastructure, including a 75% stake in the Pony Express Pipeline, a 51% stake in Powder River Gateway, ~8.4M barrels of storage, and Stanchion Energy.
2. Salt Creek Midstream Acquisition ($600M USD): Definitive agreement announced August 26, 2026, to acquire Permian crude gathering assets (Orla, Wink North, and 50% in Delaware Crossing) with 420 kbpd throughput capacity.
3. General Corporate Purposes: Creating financial flexibility and potential temporary repayment of short-term indebtedness.

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Insider Participation

Certain Enbridge directors and executive officers indicated non-binding interest to purchase approximately $1.82 million CAD of Offered Shares at the public offering price concurrently with the offering.