Enbridge Inc. has announced:
it has closed its previously announced public offering of cumulative redeemable preference shares, Series H (the “Series H Preferred Shares”) by a syndicate of underwriters co-led by RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc. Enbridge issued 14 million Series H Preferred Shares for gross proceeds of $350 million. The Series H Preferred Shares will begin trading on the TSX today under the symbol ENB.PR.H. The proceeds will be used to partially fund capital projects, to reduce existing indebtedness and for other general corporate purposes.
ENB.PR.H is a FixedReset, 4.00%+212, announced March 20. It seems to have gone well, as the greenshoe was fully exercised. The issue will be tracked by HIMIPref™ and assigned to the FixedReset index.
ENB.PR.H traded 1,068,421 shares today in a range of 24.80-00 before closing at 24.98-10, 8×20. Sorry about the bid price of 24.90 reported below – my error! Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2042-03-29
Maturity Price : 23.06
Evaluated at bid price : 24.90
Bid-YTW : 3.72 %