E Split Corp. Announces Exchange Ratios

News provided by

E Split Corp.

Jun 20, 2018, 19:10 ET

CALGARY, June 20, 2018 /CNW/ - Middlefield Group, on behalf of E Split Corp. (the "Company"), is pleased to announce the exchange ratios for the exchange offer by the Company (the "Exchange Option") being made under the final prospectus of the Company dated June 14, 2018.

The Company will invest in a portfolio comprised primarily of common shares of Enbridge Inc., a North American oil and gas pipeline, gas processing and natural gas distribution company.

The Company's investment objectives for the:

Class A Shares are to provide holders with:

(i)   non-cumulative monthly cash distributions; and
(ii)  the opportunity for capital appreciation through exposure to the portfolio

Preferred Shares are to:

(i)   provide holders with fixed cumulative preferential quarterly cash distributions; and
(ii)  return the original issue price of $10.00 to holders upon maturity.

The number of Units or Class A Shares issuable for each security of an Exchange Eligible Issuer (as listed below) (the "Exchange Ratio") has been determined by dividing the weighted average trading price of the securities of such Exchange Eligible Issuer on the principal stock exchange on which such Exchange Eligible Issuer's securities are listed, during the five consecutive trading days ending on June 20, 2018 (the "Pricing Period") calculated based on the daily average exchange rate (as reported by the Bank of Canada) on such date and as adjusted to reflect dividends declared or distributions pending by any Exchange Eligible Issuer that trades on an ex-dividend basis until the closing of the offering (the "Closing Date") by the sum of issue prices of a Preferred Share and Class A Share being $25.00 in the case of a subscription for Units or $15.00 in the case of a subscription for Class A Shares. The Exchange Ratio has been adjusted to reflect the $0.01 per Class A Share to be received by prospective purchasers who tendered securities of Exchange Eligible Issuers to the Company for Class A Shares. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to the Closing Date and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers up to but not including the Closing Date. Each Exchange Ratio has been rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Company pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period, the Exchange Ratio per Class A Share, and the Exchange Ratio per Unit.

Name

Ticker

CUSIP

ISIN

VWAP

Exchange Ratio
Per Class A Share

Exchange Ratio
Per Unit







Enbridge Inc. Related Securities





Enbridge Inc.

ENB

29250N105

CA29250N1050

42.4299

2.82677

1.69719

Enbridge Energy Partners LP

EEP

29250R106

US29250R1068

13.3289

0.88800

0.53315

Enbridge Income Fund
Holdings Inc.

ENF

29251R105

CA29251R1055

29.5574

1.96918

1.18229

Spectra Energy Partners LP

SEP

84756N109

US84756N1090

42.0236

2.79970

1.68094

Enbridge Inc. Fixed

Perpetual Series C

ENB.PR.C

29250N808

CA29250N8089

19.4724

1.29729

0.77889

Enbridge Inc. Variable 3.415% Perpetual Series  B

ENB.PR.B

29250N709

CA29250N7099

18.3186

1.22043

0.73274

Enbridge Inc. Variable 4% Perpetual Series  1

ENB.PR.V

29250N717

CA29250N7172

24.0191

1.60020

0.96076

Enbridge Inc. Variable 4% Perpetual Series  3

ENB.PR.Y

29250N683

CA29250N6836

19.2375

1.28164

0.76949

Enbridge Inc. Variable 4% Perpetual Series  F

ENB.PR.F

29250N865

CA29250N8659

19.8889

1.32504

0.79555

Enbridge Inc. Variable 4% Perpetual Series  H

ENB.PR.H

29250N840

CA29250N8402

18.4024

1.22600

0.73609

Enbridge Inc. Variable 4% Perpetual Series  N

ENB.PR.N

29250N774

CA29250N7743

20.5783

1.37097

0.82313

Enbridge Inc. Variable 4% Perpetual Series  P

ENB.PR.P

29250N758

CA29250N7586

19.9468

1.32889

0.79787

Enbridge Inc. Variable 4% Perpetual Series  R

ENB.PR.T

29250N733

CA29250N7339

19.9936

1.33201

0.79974

Enbridge Inc. Variable 4.4% Perpetual Series  11

ENB.PF.C

29250N592

CA29250N5929

20.2634

1.34999

0.81053

Enbridge Inc. Variable 4.4% Perpetual Series  13

ENB.PF.E

29250N576

CA29250N5762

20.3645

1.35672

0.81458

Enbridge Inc. Variable 4.4% Perpetual Series  15

ENB.PF.G

29250N550

CA29250N5507

20.3737

1.35733

0.81494

Enbridge Inc. Variable 4.4% Perpetual Series  5

ENB.PF.V

29250N667

CA29250N6679

22.5843

1.50462

0.90337

Enbridge Inc. Variable 4.4% Perpetual Series  7

ENB.PR.J

29250N642

CA29250N6422

20.2629

1.34996

0.81051

Enbridge Inc. Variable 4.4% Perpetual Series  9

ENB.PF.A

29250N626

CA29250N6265

20.4210

1.36049

0.81684

Enbridge Inc. Variable 4.46% Perpetual Series  D

ENB.PR.D

29250N881

CA29250N8816

19.2725

1.28397

0.77090

Enbridge Inc. Variable 4.887% Perpetual Series  J

ENB.PR.U

29250N824

CA29250N8246

22.2439

1.48193

0.88975

Enbridge Inc. Variable 4.9% Perpetual Series  19

ENB.PF.K

29250N519

CA29250N5192

23.3866

1.55806

0.93546

Enbridge Inc. Variable 4.959% Perpetual Series  L

ENB.PF.U

29250N790

CA29250N7909

22.4525

1.49583

0.89810

Enbridge Inc. Variable 5.15% Perpetual Series  17

ENB.PF.I

29250N535

CA29250N5358

25.3131

1.68641

1.01252







Other Energy Infrastructure Issuers




Algonquin Power & Utilities Corp.

AQN

015857105

CA0158571053

12.6452

0.84245

0.50580

AltaGas Ltd.

ALA

021361100

CA0213611001

26.3090

1.74060

1.04506

Atco Ltd.

ACO.X

046789400

CA0467894006

39.6611

2.64231

1.58644

Boralex Inc.

BLX

09950M300

CA09950M3003

21.3199

1.42037

0.85279

Canadian Utilities Ltd.

CU

136717832

CA1367178326

31.7958

2.11831

1.27183

Capital Power Corp.

CPX

14042M102

CA14042M1023

25.6679

1.71005

1.02671

Emera Inc.

EMA

290876101

CA2908761018

40.9709

2.72957

1.63883

Fortis Inc/Canada

FTS

349553107

CA3495531079

41.1281

2.74004

1.64512

Gibson Energy Inc.

GEI

374825206

CA3748252069

17.4899

1.16521

0.69959

Hydro One Ltd.

H

448811208

CA4488112083

19.8542

1.32273

0.79416

Innergex Renewable Energy Inc.

INE

45790B104

CA45790B1040

13.6637

0.91030

0.54654

Inter Pipeline Ltd.

IPL

45833V109

CA45833V1094

24.5449

1.62591

0.97619

Keyera Corp.

KEY

493271100

CA4932711001

36.0689

2.39366

1.43715

Kinder Morgan Canada Ltd.

KML

494549207

CA4945492078

15.8644

1.05691

0.63457

Northland Power Inc.

NPI

666511100

CA6665111002

24.2718

1.61704

0.97087

Pembina Pipeline Corp.

PPL

706327103

CA7063271034

45.5664

3.02307

1.81505

TransAlta Corp.

TA

89346D107

CA89346D1078

6.5457

0.43609

0.26182

TransAlta Renewables Inc.

RNW

893463109

CA8934631091

12.4950

0.83244

0.49980

TransCanada Corp.

TRP

89353D107

CA89353D1078

56.0278

3.73269

2.24111

The syndicate of agents is being co-led by CIBC Capital Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., Industrial Alliance Securities, Manulife Securities Incorporated, Desjardins Securities Inc., Mackie Research Capital Corporation, and Middlefield Capital Corporation.

This offering is only made by prospectus.  The prospectus contains important detailed information about the securities being offered.  Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor.  Investors should read the prospectus before making an investment decision.

SOURCE E Split Corp.

please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.

Organization Profile

E Split Corp.