Enbridge Inc. has announced:
it has closed its previously announced public offering of cumulative redeemable preferred shares, Series F (the “Series F Preferred Shares”) by a syndicate of underwriters co-led by Scotia Capital Inc., RBC Capital Markets and TD Securities Inc. Enbridge issued 20 million Series F Preferred Shares for gross proceeds of $500 million. The Series F Preferred Shares will begin trading on the TSX today under the symbol ENB.PR.F. The proceeds will be used to partially fund capital projects, to reduce existing indebtedness and for other general corporate purposes.
ENB.PR.F is a 4.00%+251 FixedReset announced January 9. The announced size was 12-million shares with a 2-million greenshoe … so it’s clear that the market said ‘Supersize me!’ Now that I look, I see that this upsizing was announced on January 9:
Enbridge Inc. (TSX:ENB)(NYSE:ENB) today announced that as a result of strong investor demand for its previously announced offering of cumulative redeemable preference shares, series F (the “Series F Preferred Shares”), the size of the offering has been increased to 20 million shares. The aggregate gross proceeds will be $500 million.
The issue traded 1,146,325 shares today in a range of 25.00-19, joining the list of 176 other million-plus trading days I’ve recorded since 1993-12-31. It closed at 25.12-13, 9×280. Vital statistics are:
|ENB.PR.F||FixedReset||Not Calc!||YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2042-01-18
Maturity Price : 23.14
Evaluated at bid price : 25.12
Bid-YTW : 3.69 %
ENB.PR.F will be tracked by HIMIPref™. It is assigned to the FixedResets index.
Update 2012-1-20: Rated Pfd-2(low) [Stable Trend] by DBRS.