ENB.PF.A Firm On Decent Volume

Enbridge Inc. has announced:

that it has closed its previously announced public offering of Cumulative Redeemable Preference Shares, Series 9 (the “Series 9 Preferred Shares”) by a syndicate of underwriters led by TD Securities Inc., CIBC, RBC Capital Markets and Scotiabank. Enbridge issued 11 million Series 9 Preferred Shares for gross proceeds of $275 million. The Series 9 Preferred Shares will begin trading on the TSX today under the symbol ENB.PF.A. Proceeds will be used to partially fund capital projects, reduce existing indebtedness and for other general corporate purposes of the Corporation and its affiliates.

ENB.PF.A is a FixedReset, 4.40%+266, announced March 4. The issue will be tracked by HIMIPref™ and is assigned to the FixedReset subindex.

The issue traded 496,550 shares today in a range of 24.85-97 before closing at 24.95-96, 23×50. Vital statistics are:

Maturity Type : Limit Maturity
Maturity Date : 2044-03-13
Maturity Price : 23.10
Evaluated at bid price : 24.95
Bid-YTW : 4.22 %

Update, 2014-3-26: It is interesting to note that Enbridge has issued 50-year paper at 4.56%.

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