Enbridge outlines plan to raise $7 billion

Enbridge Inc. is preparing to raise as much as US$7 billion through a mix of debt and shares, according to a filing with the U.S. Securities and Exchange Commission.

Canada’s largest pipeline company said in the filing it plans to use funds raised for general corporate purposes, including reducing debt and financing capital spending, but it doesn’t expect to spend the money on any specific project.

Calgary-based Enbridge said it could raise the money over the next 25 months through a combination of debt securities, common shares and preference shares.

Enbridge recently announced a US$1.5-billion deal to buy into the Bakken Pipeline System in the northwestern U.S., as well as a $282-million investment in a French offshore wind company.

In March, the company closed a $2.3-billion equity raise to pay off short-term debt.