Category: Issue Comments

Royal Bank of Canada has announced:

its intention to redeem all of its issued and outstanding Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series BF (Series BF shares) (TSX: RY.PR.M) on November 24, 2025, for cash at a redemption price of $25.00 per share to be paid on November 24, 2025.

There are 12,000,000 Series BF shares outstanding, representing $300 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.

The final quarterly dividend of $0.1875 for each of the Series BF shares will be paid separately from the redemption price for each of the Series BF Shares and in the usual manner on November 24, 2025 to shareholders of record at the close of business on October 27, 2025. After such dividend payments, the holders of Series BF shares will cease to be entitled to dividends.

RY.PR.M was issued as a FixedReset, 3.60%+262, NVCC-compliant, that commenced trading 2015-3-15 after being announced 2015-3-5. The company announced extension earlier in October. The issue reset to 3.00% effective 2020-11-24. There was no conversion. The issue is tracked by HIMIPref™ and is assigned to the FixedReset-Discount subindex.

Thanks to Assiduous Reader niagara for bringing this to my attention!

Brompton Group has announced (on 2025-8-12):

) Sustainable Power & Infrastructure Split Corp. (the “Fund”) is pleased to announce that the board of directors of the Fund has approved an extension of the maturity date of the class A shares (the “Class A Shares”) and preferred shares (the “Preferred Shares”) of the Fund. The current maturity date of May 29, 2026 will be extended for an additional term of approximately 5 years to May 29, 2031. The Preferred Share dividend rate for the extended term will be announced at least 60 days prior to the current May 29, 2026 maturity date and will be based on market yields for preferred shares with similar terms at that time. The term extension allows Class A shareholders to continue their investment with an attractive distribution rate of 10.2% based on the August 11, 2025 closing price, and the opportunity for capital appreciation.(1) The extension of the term of the Fund is not a taxable event and enables shareholders to defer potential capital gains tax liability that would have otherwise been realized on redemption of Class A Shares or Preferred Shares at the end of the term, until such time that shares are disposed of by shareholders.

Since inception on May 21, 2021 to July 31, 2025, the Class A Share has delivered a 14.0% per annum return, outperforming the S&P Global Infrastructure Total Return Index and the MSCI World Total Return Index by 4.3% per annum and 3.8% per annum, respectively.(2) Since inception to July 31, 2025, Class A shareholders have received cash distributions of $3.45 per share. Class A shareholders also have the option to reinvest their cash distributions in a dividend reinvestment plan which is commission free to participants.

The term extension offers Preferred shareholders the opportunity to enjoy preferential cash dividends until May 29, 2031. The Preferred share has delivered a 5.1% per annum return since inception to July 31, 2025 and has a high level of downside protection, with 51% asset coverage as of July 31, 2025.

Brompton Funds Limited (“Brompton”) believes the Fund is well-positioned to benefit from secular growth opportunities in infrastructure that are being driven by artificial intelligence (AI), government spending, electrification, and the reshoring of manufacturing.

The Fund invests in a globally diversified and actively managed portfolio (the “Portfolio”) consisting primarily of dividend-paying securities of power and infrastructure companies whose assets, products and services Brompton believes are facilitating the multi-decade transition toward decarbonization and environmental sustainability. The Portfolio may include investments in companies operating in the areas of renewable power (wind, solar, hydroelectric), green transportation (electric vehicles, energy transportation and storage, railroads, carbon capture), energy efficiency (smart grids, smart meters, building efficiency), and communications (communication networks, 5G wireless technology), among others.

The sole affected (preferred share) issue is PWI.PR.A .

Brompton Group has announced (on 2025-8-12):

(TSX: GDV, GDV.PR.A) Global Dividend Growth Split Corp. (the “Fund”) is pleased to announce that the board of directors of the Fund has approved an extension of the maturity date of the class A shares (the “Class A Shares”) and preferred shares (the “Preferred Shares”) of the Fund. The current maturity date of June 30, 2026 will be extended for an additional term of approximately 5 years to June 27, 2031. The Preferred Share dividend rate for the extended term will be announced at least 60 days prior to the current June 30, 2026 maturity date and will be based on market yields for preferred shares with similar terms at that time. The term extension allows Class A shareholders to continue their investment with an attractive distribution rate of 10.7% based on the August 11, 2025 closing price, and the opportunity for capital appreciation.(1) The extension of the term of the Fund is not a taxable event and enables shareholders to defer potential capital gains tax liability that would have otherwise been realized on redemption of Class A Shares or Preferred Shares at the end of the term, until such time that shares are disposed of by shareholders.

Over the past five years to July 31, 2025, the Class A Share has delivered a 19.6% per annum return, outperforming the MSCI World High Dividend Yield Total Return Index and the MSCI World Total Return Index by 9.9% per annum and 5.3% per annum, respectively.(2) Since inception to July 31, 2025, Class A shareholders have received cash distributions of $8.55 per share. Class A shareholders also have the option to reinvest their cash distributions in a dividend reinvestment plan which is commission free to participants.

The term extension offers Preferred shareholders the opportunity to enjoy preferential cash dividends until June 27, 2031. The Preferred share has delivered a 5.1% per annum return over the past five years to July 31, 2025 and has a high level of downside protection, with 54% asset coverage as of July 31, 2025. The Company invests in a diversified portfolio (the “Portfolio”) of equity securities of large capitalization global dividend growth companies selected by Brompton Funds Limited (the “Manager”), the manager of the Company. In order to qualify for inclusion in the Portfolio, at the time of investment and at the time of each periodic reconstitution and/or rebalancing of the Portfolio, each global dividend growth company included in the Portfolio must (i) have a market capitalization of at least $10 billion, and (ii) have a history of dividend growth or, in the Manager’s view, have high potential for future dividend growth.

The sole affected (preferred share) issue is GDV.PR.A .

Middlefield Group has announced (on 2025-8-13):

– (TSX: RS, RS.PR.A) Real Estate Split Corp. (the “Company”) is pleased to announce that the board of directors intends to approve an extension of the maturity date of the Company for an additional 5-year term to December 31, 2030. The preferred share distribution rate for the extended term will be announced at least 60 days prior to the original maturity date of December 31, 2025, and will be based on market yields for preferred shares with similar terms at that time.

The term extension allows Class A shareholders to continue to gain exposure to a diversified portfolio, actively managed, high conviction portfolio comprised of securities of leading North American real estate companies.

The extension of the term of the Company is not a taxable event and enables shareholders to defer potential capital gains tax liability that would have otherwise been realized on the redemption of the Class A shares or Preferred Shares at the end of the term, until such time as such shares are disposed of by shareholders.

Since inception on November 19, 2020, the Class A shares have delivered a 5.4% per annum total return, including cash distributions of $6.94 per share. Class A shareholders also have the option to reinvest their cash distributions in a dividend reinvestment plan which is commission free to participants.

The term extension will offer Preferred shareholders the opportunity to enjoy preferential cash dividends until December 31, 2030. Since inception, the Preferred shares have delivered a 5.3% per annum total return.

The sole (preferred) issue affected is RS.PR.A .

Note that according to the 2024 Annual Information Form:

On the Maturity Date and upon any subsequent maturity date as determined by the Board of Directors, a holder of Preferred Shares may retract such Preferred Shares. The Fund will provide at least 60 days’ notice to holders of Preferred Shares of such right. The Preferred Shares must be surrendered for retraction by 5:00 p.m. (Toronto time) on the last business day of the month prior to the Maturity Date or subsequent maturity date, as applicable. The retraction price payable by the Fund for a Preferred Share pursuant to the non-concurrent retraction right will be equal to the lesser of (i) $10.00 plus any accrued and unpaid distributions thereon and (ii) the Net Asset Value of the Fund on that date divided by the total number of Preferred Shares then outstanding.

Note that the managers’ objective will be to minimize retractions in order to keep assets in the fund; they have no incentive to target a price following the reset announcement in excess of $10 per preferred share, other than an uncertainty buffer to ensure they don’t actually fall below it. Holders are therefore urged to calculate yield with the assumption of a $10 market price following the announcement as it is possible that retraction will be the best option at that time.

DBRS has announced that it:

downgraded the Preferred Shares (the Preferred Shares) issued by Big Pharma Split Corp. (the Company) to Pfd-3 from Pfd-3 (high). The Preferred Shares have experienced a considerable reduction in downside protection to 54.1% in August 2025 from 61.0% in August 2024 as a result of the decline in the net asset value (NAV) of the portfolio, which is heavily concentrated in large-cap pharmaceutical and biotechnology holdings. These sectors have experienced a sell-off amid political and regulatory uncertainty.

The Company invests in equally weighted common shares and securities (the Portfolio) convertible into or exchangeable for common shares (Equity Securities) of ten issuers from the Investable Universe, which is defined as Equity Securities that (1) are listed on a North American exchange, (2) pay a dividend, and (3) have sufficiently liquid options for their Equity Securities to permit the Portfolio Manager (i.e., Harvest Portfolio Group Inc.) to write options regarding such securities. The Portfolio Manager selects eight from the ten largest pharmaceutical issuers from the Investable Universe and the remaining two from the Investable Universe. The Portfolio Manager reconstitutes and rebalances the Portfolio at least semi-annually. No more than 20% of the net asset value (NAV) of the Company can be invested in securities other than from the 10 largest pharmaceutical issuers at the time of each semi-annual rebalance and reconstitution. The Portfolio securities consisted of Johnson & Johnson (10.5%), AstraZeneca PlC. (10.3%), GSK PLC (10.1%), Amgen Inc. (9.9%), AbbVie Inc. (9.8%), Eli Lilly and Company (9.6%), Merck & Co. Inc. (9.4%), Sanofi (9.3%), Pfizer Inc. (9.2%), Bristol-Myers Squibb Company (9.0%) as of July 31, 2025. The Portfolio Manager hedges substantially all of the Portfolio’s U.S.-dollar exposure back to the Canadian dollar.

The board of directors extended the Company’s maturity date in October 2022 for another five years to December 31, 2027. On maturity, the holders of the Preferred Shares will be entitled to the value of the Portfolio up to the face value of the Preferred Shares and any accrued but unpaid dividends in priority to the holders of the Class A Shares.

Holders of the Preferred Shares receive a quarterly fixed cumulative dividend in the amount of $0.125 per share to yield 5.00% per year on the issue price of $10.00. Holders of the Class A Shares receive regular monthly noncumulative distributions targeted to be $0.1031 per Class A Share to yield 8.25% per year on the issue price of $15.00. The Class A Share distributions are subject to an asset coverage test, which does not permit any distributions to holders of the Class A Shares if the NAV per Unit (one unit consist of one Preferred Share and one Class A Share) falls below $15.00 or if the dividends of the Preferred Shares are in arrears. No monthly distributions in excess of $0.1031 will be made to the Class A Shares if after such payment the NAV per Unit becomes less than $23.50 except when the Company has to make such payment to fully recover refundable taxes.

As of August 26, 2025, the downside protection available to holders of the Preferred Shares declined to 54.1% from 61.0% as of August 31, 2024. Dividend coverage improved to 0.4x from 0.2x a year ago, as a result of an increase in the dividend yield received on the Portfolio, however it remains below 1.0x. The dividend coverage below 1.0x indicates that the current dividend income earned by the Company is not enough to fully cover the Company’s targeted distributions on the Preferred Shares, which increases the reliance on the Manager to generate a high yield to meet distributions without having to liquidate portfolio securities. To supplement the Portfolio income, the Company may engage in covered call option writing on all or a portion of the shares held in the Portfolio. Without giving consideration to capital appreciation potential or any source of income other than the dividends earned by the Portfolio, the Preferred Share distributions together with the current distributions on the Class A Shares will create a projected grind on the NAV of the Portfolio of approximately 7.4% per year over the next 5 years.

The Company has established an at-the-market equity program (ATM Program) to replace the prior program established in December 2022, which allows the Company to issue Class A Shares and Preferred Shares from time to time at the Company’s discretion. The current ATM Program allows maximum gross proceeds of $75 million of each of the Preferred Shares and the Class A Shares and is in effect until February 7, 2027.

Considering the decrease in the amount of downside protection together with the projected grind on the Portfolio and dividend coverage below one time, Morningstar DBRS downgraded the rating on the Preferred Shares to Pfd-3 from Pfd-3 (high).

The main constraints to the credit rating are the following:

(1) Volatility in stock prices along with changes in the dividend policies of the underlying issuers may result in significant reductions in the Preferred Shares’ dividend coverage or downside protection from time to time.

(2) Preferred Shares dividend coverage is less than one time.

(3) Stated monthly distributions on the Class A Shares may create a grind on the Portfolio. This risk is mitigated by an asset coverage test of 1.5x that ensures sufficient levels of downside protection to the holders of the Preferred Shares.

(4) Reliance on the Portfolio Manager to generate additional income, through option writing, to meet distributions and other trust expenses without having to liquidate the Portfolio’s securities.

(5) The concentration of the Portfolio in one industry

Morningstar DBRS’ credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions’ respective press releases at issuance.

The affected issue is PRM.PR.A .

Northland Power Inc. has announced:

that pursuant to the share terms in respect of the Cumulative Rate Reset Preferred Shares, Series 1 (“Series 1 Shares”), it has determined the fixed dividend rate for the five years commencing September 30, 2025 and ending September 29, 2030. The fixed quarterly dividends on the Series 1 Shares during that period will be paid at an annual rate of 5.70% ($0.3564 per share per quarter).

The quarterly floating rate dividends on the Cumulative Floating Rate Preferred Shares, Series 2 (the “Series 2 Shares”) will be paid at an annual rate, calculated for each quarter, of 2.80% over the annual yield on 90-day Government of Canada treasury bills. The actual quarterly dividend rate in respect of the September 30, 2025 to December 30, 2025 dividend period for the Series 2 Shares will be 1.38% (5.46% on an annualized basis) and the dividend, if and when declared, for such dividend period will be $0.3441 per share, payable on December 31, 2025.

Holders of Series 1 Shares and Series 2 Shares have the right, at their option, exercisable not later than 5:00 pm (Toronto time) on September 15, 2025, to convert all or part of their Series 1 Shares or Series 2 Shares, as applicable, on a one-for-one basis, into shares of the other series, effective September 30, 2025.

Holders of either Series 1 Shares or Series 2 Shares are not required to elect to convert all or any part of their shares.

As provided in the share conditions for each of the Series 1 Shares and the Series 2 Shares, if Northland determines that after giving effect to all notices of conversion of Series 1 Shares and Series 2 Shares there would be fewer than 1,000,000 Series 1 Shares or Series 2 Shares outstanding after September 30, 2025, (i) all remaining shares of the series for which there would be fewer than 1,000,000 shares outstanding will be automatically converted into the other series of preferred shares on a one-for-one basis effective September 30, 2025; and (ii) no shares will be permitted to be converted into the series that would have fewer than 1,000,000 shares outstanding.

There are currently 4,762,246 Series 1 Shares and 1,273,754 Series 2 Shares outstanding.

NPI.PR.A was issued as a FixedReset, 5.25%+280bp, which commenced trading 2010-7-28 after being announced 2010-7-6 under the ticker symbol NPP.PR.A. The ticker was changed to NPI.PR.A effective January 1, 2011 after conversion from an Income Trust. The issue reset to 3.51% in 2015 and I recommended that holders retain the issue but there was a 25% conversion to NPI.PR.B. The issue reset to 3.20% in 2020.

NPI.PR.B is a FloatingReset, Bills+280bp, which came into existence via a partial conversion from NPI.PR.A.

Fairfax Financial Holdings Limited has announced:

its intention to redeem (i) all of its 7,719,843 outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series G (the “Series G Shares”), and (ii) all of its 2,280,157 outstanding Cumulative Floating Rate Preferred Shares, Series H (the “Series H Shares” and, together with the Series G Shares, the “Preferred Shares”) on September 30, 2025 (the “Redemption Date”) at a redemption price equal to C$25.00 per share, for an aggregate total amount of C$250.0 million, together with all accrued and unpaid dividends up to but excluding the Redemption Date (the “Redemption Price”), less any tax required to be deducted and withheld by Fairfax.

Formal notice will be delivered to the sole registered holder of the Preferred Shares in accordance with the terms of the Preferred Shares of the applicable series as set out in Fairfax’s articles.

Separately from the Redemption Price, (i) the final quarterly dividend of C$0.185125 per Series G Share will be paid in the usual manner to holders of Series G Shares on September 30, 2025, and (ii) the final quarterly dividend of C$0.32792 per Series H Share will be paid in the usual manner to holders of Series H Shares on September 29, 2025, in each case to shareholders of record on September 15, 2025.

Non-registered holders of Preferred Shares should contact their broker or other intermediary for information regarding the redemption process for the series of Preferred Shares in which they hold a beneficial interest. Fairfax’s transfer agent for the Preferred Shares is Computershare Trust Company of Canada (“Computershare”). Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253 or by email to corporateactions@computershare.com.

Following the redemption on September 30, 2025, the Series G Shares and the Series H Shares will be delisted from and no longer trade on the Toronto Stock Exchange (“TSX”).

Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

For further information contact: John Varnell, Vice President, Corporate Development at (416) 367-4941

FFH.PR.G was issued as a FixedReset 5.00%+256, which commenced trading July 28, 2010 after being announced July 20, 2010. It reset to 3.318% in 2015. I recommended that holders continue holding the issue, but there was a 26% conversion anyway. The issue reset To 2.962% in 2020.

FFH.PR.H is a FloatingReset, Bills+256, that arose out of a partial conversion from FFH.PR.G.

AltaGas Ltd. has announced:

its intention to redeem all of its 6,746,679 issued and outstanding Cumulative Redeemable 5-Year Rate Reset Preferred Shares, Series A (the “Series A Shares”) and all of its 1,253,321 issued and outstanding Cumulative Redeemable Floating Rate Preferred Shares, Series B (the “Series B Shares” and, together with the Series A Shares, the “Preferred Shares”) in accordance with the terms of the Series A Shares and Series B Shares as set out in the Company’s articles on September 30, 2025 (the “Redemption Date”).

AltaGas will redeem the Preferred Shares for a redemption price equal to $25.00 per Series A Share and $25.00 per Series B Share (the “Redemption Price”), less any tax required to be deducted or withheld by the Company. The total redemption price to AltaGas will be $200 million.

As previously announced, the dividend payable on September 29, 2025 to holders of the Preferred Shares of record on September 16, 2025, will be $0.19125 per Series A Share and $0.33422 per Series B Share. This will be the final quarterly dividend on the Preferred Shares. Upon payment of the September 29, 2025 dividend, there will be no accrued and unpaid dividends on the Preferred Shares as at the Redemption Date.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Preferred Shares in accordance with the terms of the Series A Shares and Series B Shares, as set out in the Company’s articles. Non-registered holders of Series A Shares or Series B Shares should contact their broker or other intermediary for information regarding the redemption process for the Series A Shares and Series B Shares in which they hold a beneficial interest.

The Company’s transfer agent for the Series A Shares and Series B Shares is Computershare Investor Services Inc. Questions regarding the redemption process may be directed to Computershare Investor Services Inc. at 1-800-564-6253 or by email to corporateactions@computershare.com.

ALA.PR.A is a FixedReset issued at 5.00%+266bp, which commenced trading August 19, 2010 after being announced August 10, 2010. In 2015 the issue reset to 3.38% and I recommended holders retain the issue. Despite this, there was a 31% conversion to FloatingResets. The issue reset to 3.06% in 2020 and there was a 15% net conversion to the FixedReset.

ALA.PR.B is a FloatingReset, Bills+266bp, which arose via a partial conversion from ALA.PR.A in 2015.

Emera Incorporated has announced:

that it has provided notice to the holders of its Cumulative 5-Year Rate Reset First Preferred Shares, Series A (the “Series A Shares”) and to the holders of its Cumulative Floating Rate First Preferred Shares, Series B (the “Series B Shares”) that 1,300 of its 4,866,814 issued and outstanding Series A Shares were tendered for conversion, on a one-for-one basis, into Series B Shares and that 569,430 of its 1,133,186 issued and outstanding Series B Shares were tendered for conversion, on a one-of-one basis, into Series A Shares.

Emera has also notified holders of its Series A Shares and Series B Shares, after having taken into account all shares tendered for conversion by holders of its Series A Shares and Series B Shares, as the case may be (collectively, the “Holders”), by the July 31, 2025 deadline for conversion notices, the Company has determined that there would be outstanding on August 15, 2025 (the “Conversion Date”) less than 1,000,000 Series B Shares. Therefore, in accordance with certain conditions set out in the Company’s prospectus supplement dated May 26, 2010, to the Company’s short form base shelf prospectus dated May 19, 2010 (collectively, the “Prospectus”), the Company has advised the Holders that no Series A Shares will be converted into Series B Shares and all remaining Series B Shares will automatically be converted into Series A Shares on a one-for-one basis on the Conversion Date.

Emera further announces that it will have 6,000,000 Series A Shares issued and outstanding after conversion on August 15, 2025. The Series A Shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbol EMA.PR.A. The Series B Shares will no longer be listed on the TSX after the Conversion Date.

Holders of Series A Shares will have the opportunity to convert their shares again on August 15, 2030, and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series A Shares and Series B Shares, please see the Company’s Prospectus, which is available on SEDAR+ at www.sedarplus.ca.

EMA.PR.A was issued as a FixedReset, 4.40%+184, that commenced trading 2010-6-2 after being announced 2010-5-25. Extension was announced in 2015 and a reset to 2.555% announced. I receommended against conversion, but there was a 36% conversion to EMA.PR.B anyway. Notice of extension was provided on 2020-7-9. EMA.PR.A reset at 2.182% effective 2020-8-15 and there was a 17% net conversion to the FixedReset. The issue will reset to 4.951% effective 2025-8-15.

EMA.PR.B is a FloatingReset, Bills+184, that became extant in 2015 via a 36% conversion from EMA.PR.A.

Enbridge Inc. has announced:

that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series 15 (Series 15 Shares) (TSX: ENB.PF.G) on September 1, 2025. As a result, subject to certain conditions, the holders of the Series 15 Shares have the right to convert all or part of their Series 15 Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series 16 of Enbridge (Series 16 Shares) on September 1, 2025. Holders who do not exercise their right to convert their Series 15 Shares into Series 16 Shares will retain their Series 15 Shares.

The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than 1,000,000 Series 15 Shares outstanding after September 1, 2025, then all remaining Series 15 Shares will automatically be converted into Series 16 Shares on a one-for-one basis on September 1, 2025; and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series 16 Shares outstanding after September 1, 2025, no Series 15 Shares will be converted into Series 16 Shares. There are currently 11,000,000 Series 15 Shares outstanding.

With respect to any Series 15 Shares that remain outstanding after September 1, 2025, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The new annual dividend rate applicable to the Series 15 Shares for the five-year period commencing on September 1, 2025 to, but excluding, September 1, 2030 will be 5.626 percent, being equal to the five-year Government of Canada bond yield of 2.946 percent determined as of today plus 2.68 percent in accordance with the terms of the Series 15 Shares.

With respect to any Series 16 Shares that may be issued on September 1, 2025, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The dividend rate applicable to the Series 16 Shares for the three-month floating rate period commencing on September 1, 2025 to, but excluding, December 1, 2025 will be 1.33882 percent, based on the annual rate on three month Government of Canada treasury bills for the most recent treasury bills auction of 2.69 percent plus 2.68 percent in accordance with the terms of the Series 16 Shares (the Floating Quarterly Dividend Rate). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial holders of Series 15 Shares who wish to exercise their right of conversion during the conversion period, which runs from August 2, 2025 until 5:00 p.m. (EST) on August 18, 2025, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary time to complete the necessary steps. Any notices received after this deadline will not be valid.

ENB.PF.G is a FixedReset, 4.40%+268, that commenced trading 2014-9-23 after being announced 2014-9-11. It reset to 2.983% in 2020. It is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) index.

Thanks to Assiduous Reader niagara for bringing this to my attention!

Update, 2025-09-02: Enbridge Inc. has announced (on 2025-08-18):

that none of its outstanding Cumulative Redeemable Preference Shares, Series 15 (Series 15 Shares) will be converted into Cumulative Redeemable Preference Shares, Series 16 (Series 16 Shares) on September 1, 2025.

After taking into account all conversion notices received from holders of its outstanding Series 15 Shares by the August 18, 2025 deadline for the conversion of the Series 15 Shares into Series 16 Shares, less than the 1,000,000 Series 15 Shares required to give effect to conversions into Series 16 Shares were tendered for conversion.