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.
[…] 2012-7-9. The issue reset at 5.086% in 2018. I recommended against conversion and there was no conversion. ENB.PR.N is tracked by HIMIPref™ and assigned to the “Scraps – FixedResets […]