5400 Westheimer Court
Houston, TX 77056-5310
Vancouver, British Columbia – Westcoast Energy Inc. (the “Corporation”) announced today that it has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and Scotiabank. The underwriters have agreed to buy 4,000,000 Cumulative 5-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 10 (the “Series 10 First Preferred Shares”) at a price of $25.00 per share for aggregate gross proceeds of $100,000,000. The proceeds are expected to be used to refinance upcoming debt maturities and for general corporate purposes.