ENB.PR.U Closes at Significant Premium on Heavy Volume

Enbridge Inc. has announced:

it has closed its previously announced public offering of cumulative redeemable preferred shares, Series J (the “Series J Preferred Shares”) by a syndicate of underwriters led by Scotiabank. Enbridge issued 8 million Series J Preferred Shares for gross proceeds of US$200 million. The Series J Preferred Shares will begin trading on the TSX today under the symbol ENB.PR.U. The proceeds will be used for capital expenditures, to repay indebtedness and for other general corporate purposes.

ENB.PR.U is a FixedReset, 4.00%+305, US-Pay, announced April 10.

The issue traded 1,054,194 shares today in a range of 25.35-50 before closing at 25.35-40, 53×244.

ENB.PR.U will not be tracked by HIMIPref™ as it is US-Pay and there are not enough US-Pay issues to form an analytical universe.

One Response to “ENB.PR.U Closes at Significant Premium on Heavy Volume”

  1. […] is a FixedReset, 4.00%+305, US-Pay, that commenced trading 2012-4-19 after being announced 2012-4-10. The issue reset to 4.89% in […]

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