Enbridge Inc. and Enbridge Pipelines Inc. Announce Completion of Debt Exchange Transaction

Enbridge (NYSE: ENB) and wholly owned subsidiary Enbridge Pipelines completed a previously announced debt exchange on June 16, 2026.

Rhea-AI Summary

Enbridge (NYSE: ENB) and wholly owned subsidiary Enbridge Pipelines completed a previously announced debt exchange on June 16, 2026.

All outstanding EPI medium term note debentures were exchanged for an equal principal amount of new Enbridge medium term notes with the same financial terms, aiming to provide business flexibility and operational, structural and capital markets benefits.

Positive

• Completion of exchange of all outstanding EPI medium term notes into Enbridge notes
• New Enbridge notes issued on an equal principal basis with unchanged financial terms
• Enbridge Pipelines gains flexibility to operate its business after the exchange
• Company cites operational, structural and capital markets benefits for EPI, Enbridge and former noteholders

Negative

• None.

Argus Jun 17 session

-2.17% close to close Open Argus

Details

News Market Reaction – ENB

On Jun 17, the first trading day after this news, ENB closed 2.17% below the previous close.

Data tracked by StockTitan Argus for the Jun 17 session.

Market Context

This announcement confirms completion of the previously approved exchange of Enbridge Pipelines Inc....

Analysis

This announcement confirms completion of the previously approved exchange of Enbridge Pipelines Inc. medium term notes into Enbridge-issued notes with the same financial terms. It caps a sequence of filings and approvals leading up to the targeted June 16, 2026 completion date. Investors may track future disclosures for how this structural change interacts with Enbridge’s broader financing activity and recent debt offerings, as well as any subsequent impacts on funding flexibility and capital allocation.

Historical Context

5 past events · Latest: Jun 10

5 events

1. Jun 10

   Debt exchange approval

   24h Move

   +0.0%

   Noteholders approved proposed exchange of EPI notes for new Enbridge notes.

2. May 28

   Sustainability report

   24h Move

   -1.1%

   Release of 2025 Sustainability Report with improved ESG and emissions metrics.

3. May 08

   Q1 2026 earnings

   24h Move

   -0.7%

   Strong Q1 results, reaffirmed 2026 guidance, and backlog growth to $40B.

4. May 06

   Director elections

   24h Move

   -0.4%

   Shareholders elected all 12 nominated directors with high support levels.

5. May 06

   Dividend declaration

   24h Move

   -1.3%

   Board declared common and preferred dividends consistent with prior payouts.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

medium term notes, debentures

2 terms

medium term notes financial

"exchange all outstanding series of EPI's medium term notes debentures"

Medium term notes are debt securities companies or governments sell to borrow money for a few years—generally from about two to ten years—paying regular interest and returning your principal at maturity. Think of them like an IOU with a set length and interest schedule that investors can buy to earn income; they matter because their credit quality, interest rate type (fixed or floating) and maturity affect how much return and risk an investor takes on compared with short-term bills or long-term bonds.

debentures financial

"all outstanding series of EPI's medium term notes debentures (EPI Notes)"

A debenture is a company’s long-term IOU sold to investors that promises regular interest payments and repayment of principal at a set date; unlike equity, it represents debt rather than ownership. Think of it like lending money to a business in exchange for a fixed stream of payments, so investors watch a debenture’s interest rate and the borrower’s financial health to judge income reliability and risk of not being repaid.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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CALGARY, AB, June 16, 2026 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) and its wholly owned subsidiary Enbridge Pipelines Inc. (EPI) today announced the completion of the previously announced transaction to exchange all outstanding series of EPI's medium term notes debentures (EPI Notes) for an equal principal amount of newly issued medium term notes of Enbridge, having financial terms that are the same as the financial terms of the EPI Notes (the Note Exchange Transaction).

The completion of the Note Exchange Transaction gives EPI the flexibility to operate its business, while also delivering a range of operational, structural and capital markets benefits to EPI, Enbridge and the former EPI Noteholders.

BMO Nesbitt Burns Inc. acted as the Solicitation Agent for the Note Exchange Transaction, Computershare Investor Services Inc. acted as the Tabulation Agent and Sodali & Co. acted as the Information Agent.

FORWARD-LOOKING STATEMENTS

Forward-looking information, or forward-looking statements, has been included in this news release to provide information about Enbridge and EPI, including statements with respect to the Note Exchange Transaction giving EPI the flexibility to operate its business and the range of operational, structural and capital markets benefits to EPI, Enbridge and the former EPI Noteholders from the Note Exchange Transaction. This information may not be appropriate for other purposes. Although Enbridge and EPI believe that these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual result, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the business and financial strength of Enbridge and EPI.

The forward-looking statements contained herein are subject to risks and uncertainties. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's and EPI's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge and EPI assume no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge, EPI or persons acting on their behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

None of the information contained in, or connected to, Enbridge's website is incorporated in or otherwise forms part of this news release.

About Enbridge Pipelines Inc.

EPI is primarily a transporter of western Canadian and United States crude oil, refined petroleum products and natural gas liquids. Its Canadian Mainline System transports crude oil from western Canada to the Midwest region of the United States and eastern Canada and serves all of the major refining centers in Ontario. EPI also operates the Southern Lights Canada Pipeline, which transports diluent from the Canada/United States border to western Canada, and holds investments in renewable and alternative power generation assets.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media	Investment Community
Toll Free: (888) 992-0997	Toll Free: (800) 481-2804
Email: media@enbridge.com	Email: investor.relations@enbridge.com

View original content:https://www.prnewswire.com/news-releases/enbridge-inc-and-enbridge-pipelines-inc-announce-completion-of-debt-exchange-transaction-302802241.html

SOURCE Enbridge Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What debt exchange did Enbridge (NYSE: ENB) complete on June 16, 2026?

Enbridge completed a transaction exchanging all outstanding Enbridge Pipelines medium term note debentures for new Enbridge medium term notes. According to Enbridge, the new notes match the exchanged notes’ principal amount and financial terms, effectively moving the obligations to the parent company.

How were Enbridge Pipelines Inc. medium term notes treated in the 2026 Enbridge debt exchange?

All outstanding Enbridge Pipelines medium term note debentures were exchanged for an equal principal amount of newly issued Enbridge medium term notes. According to Enbridge, the new notes carry the same financial terms as the original EPI notes, maintaining investors’ economic position.

What are the stated benefits of Enbridge’s 2026 note exchange for ENB investors?

Enbridge indicates the note exchange delivers operational, structural and capital markets benefits for Enbridge, Enbridge Pipelines and former EPI noteholders. According to Enbridge, the completed transaction also provides Enbridge Pipelines with greater flexibility to operate its business within the broader corporate structure.

Did the 2026 Enbridge note exchange change the financial terms for former EPI noteholders?

The financial terms did not change; only the issuer did. According to Enbridge, former EPI noteholders now hold Enbridge medium term notes with financial terms that are the same as those of the exchanged Enbridge Pipelines notes and an equal principal amount.

Who acted as advisors and agents in the Enbridge (ENB) 2026 note exchange transaction?

BMO Nesbitt Burns served as Solicitation Agent, Computershare Investor Services acted as Tabulation Agent, and Sodali & Co. was Information Agent. According to Enbridge, these parties supported the successful completion of the previously announced note exchange transaction between Enbridge and Enbridge Pipelines.