ENB.PR.N : No Conversion to FloatingReset

Enbridge Inc. has announced (on November 16):

that none of Enbridge’s outstanding Cumulative Redeemable Preference Shares, Series N (Series N Shares) will be converted into Cumulative Redeemable Preference Shares, Series O of Enbridge (Series O Shares) on December 1, 2018.

After taking into account all conversion notices received from holders of its outstanding Series N Shares by the November 16, 2018 deadline for the conversion of the Series N Shares into Series O Shares, less than the 1,000,000 Series N Shares required to give effect to conversions into Series O Shares were tendered for conversion.

It will be recalled that ENB.PR.N will reset at 5.086% effective December 1. I recommended against conversion.

ENB.PR.N is a FixedReset, 4.00%+265, that commenced trading 2012-7-17 after being announced 2012-7-9. It is tracked by HIMIPref™ and assigned to the “Scraps – FixedResets (Discount)” subindex, relegated there due to credit concerns.

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