Enbridge Inc. has announced:
it has closed its previously announced public offering of Cumulative Redeemable Preference Shares, Series R (the “Series R Preferred Shares”) by a syndicate of underwriters led by Scotiabank, RBC Capital Markets and TD Securities Inc. Enbridge issued 16 million Series R Preferred Shares for gross proceeds of C$400 million. The Series R Preferred Shares will begin trading on the TSX today under the symbol ENB.PR.T. The proceeds will be used for capital expenditures, to repay indebtedness and for other general corporate purposes.
Note that while it is Series R the symbol is ENB.PR.T. Seems to me that a business that cared about its ultimate customers would coordinate better with the company and underwriters, so that series-letters and ticker symbols would be better coordinated.
ENB.PR.T is a FixedReset, 4.00%+250, announced November 26. It will be tracked by HIMIPref™ and assigned to the FixedReset subindex.
ENB.PR.T traded 968,467 shares today in a range of 24.96-05 before closing at 25.00-01, 29×28. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2042-12-05
Maturity Price : 23.09
Evaluated at bid price : 25.00
Bid-YTW : 3.71 %