Construction of Enbridge Line 3 replacement east of Vibank, Sask. Photo by Brian Zinchuk

CALGARY — Enbridge Inc. has closed a $4.6-billion offering of shares the company announced as part of its deal to buy three U.S. gas utilities earlier this week.

The company says it issued 102,913,500 shares under the plan that saw the underwriters exercise the full over-allotment option.

The offering price under the bought-deal financing was $44.70 per share.

Enbridge says the exercise of the over-allotment option reduces and further derisks its financing requirements to fund the acquisitions.

The Calgary-based company signed a deal to buy the East Ohio Gas Company, Questar Gas Company and its related Wexpro companies, and the Public Service Company of North Carolina — all of which are owned by Virginia-based Dominion Energy Inc.

It has agreed to pay US$9.4 billion in cash and assume US$4.6 billion in debt.

This report by The Canadian Press was first published Sept. 8, 2023.

Companies in this story: (TSX:ENB)

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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