Enbridge has announced:
it has closed its previously announced public offering of Cumulative Redeemable Preference shares, Series N (the “Series N Preferred Shares”) by a syndicate of underwriters led by RBC Capital Markets, CIBC, Scotiabank, and TD Securities Inc. Enbridge issued 18 million Series N Preferred Shares for gross proceeds of $450 million. The Series N Preferred Shares will begin trading on the TSX today under the symbol ENB.PR.N. The net proceeds will be used to partially fund capital projects, to reduce short term indebtedness and for other general corporate purposes.
The upsizing from the initially announced $250-million issue size was announced July 9:
as a result of strong investor demand for its previously announced offering of cumulative redeemable preference shares, series N (the “Series N Preferred Shares”), the size of the offering has been increased to 18 million shares. The aggregate gross proceeds will be $450 million.
ENB.PR.N is a FixedReset, 4.00%+265, announced July 9.
The issue traded 1,205,755 shares today in a range of 25.00-10 before closing at 25.06-08, 25×70. ENB.PR.N has been added to HIMIPref™ database and assigned to the FixedReset subindex. Vital statistics are:
|ENB.PR.N||FixedReset||Not Calc!||YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2042-07-17
Maturity Price : 23.12
Evaluated at bid price : 25.06
Bid-YTW : 3.75 %