Enbridge Inc. has announced:
that it has exercised its right to redeem all of its outstanding Cumulative Redeemable Preference Shares, Series J (“Series J Shares”) (TSX: ENB.PR.U) on June 1, 2022 at a price of US$25.00 per Series J Share, together with all accrued and unpaid dividends, if any.
Beneficial holders who are not directly the registered holders of the Series J Shares should contact the financial institution, broker or other intermediary through which they hold their Series J Shares to confirm how they will receive their redemption proceeds. Inquiries from registered shareholders should be directed to Enbridge’s Registrar and Transfer Agent, Computershare Investor Services Inc., at 1-800-564-6253 (Canada and United States) or 1-514-982-7555 (Outside North America).
ENB.PR.U 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 2017.
Thanks to Assiduous Reader skeptical for ensuring I was aware of this redemption.
The market was certainly not expecting this, as ENB.PR.U was up 13.65% on the day to close at 25.23 and related issues – denominated in USD – performed similarly well: ENB.PR.V up 9.48% to 24.26; ENB.PF.U up 10.79% to 24.54; and ENB.PF.V up 9.88% to 22.80; all hitting new 52-week highs on the day.
[…] work; its sister issue, IAF.PR.I, was up a similar amount; this follows similar jumps on the ENB.PR.U redemption announcement. The Straight Perpetual, IAF.PR.B, was up only about 1.10% today, though, so the market’s […]