ENB.PF.U Closes a Little Soft on Good Volume

Enbridge Inc. has announced:

it has closed its previously announced public offering of Cumulative Redeemable Preference shares, Series L (the “Series L Preferred Shares”) by a syndicate of underwriters led by Scotiabank, RBC Capital Markets, & TD Securities Inc. Enbridge issued 16 million Series L Preferred Shares for gross proceeds of US$400 million. The Series L Preferred Shares will begin trading on the TSX today under the symbol ENB.PF.U. The proceeds will be used for capital expenditures, to repay indebtedness and for other general corporate purposes.

ENB.PF.U is a FixedReset, US Pay, 4.00%+315, announced May 11. The issue traded 761,310 shares in a range of 24.80-95 before closing at 24.87-90, 20×15.

The issue will not be tracked by HIMIPref™; regrettably, there are not enough US-Pay issues available to form an analyzable universe.

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