PrefBlog

Enbridge Inc. has announced (on May 19):

that, after taking into account all election notices received prior to 5:00 p.m. (EST) on May 17, 2022, 107,904 of its 18,269,812 Cumulative Redeemable Preference Shares, Series B (Series B Shares) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Preference Shares, Series C of Enbridge (Series C Shares) and 1,188,789 of its 1,730,188 Series C Shares were tendered for conversion, on a one-for-one basis, into Series B Shares of Enbridge, effective on June 1, 2022.

Enbridge, after taking into account all Series B Shares and all Series C Shares tendered for conversion, has determined that there will be less than 1,000,000 Series C Shares outstanding after June 1, 2022. Consequently, all remaining Series C Shares will automatically be converted into Series B Shares on a one-for-one basis on June 1, 2022, and no Series B Shares will be converted into Series C Shares. The Series B Shares and the Series C Shares are currently listed on the Toronto Stock Exchange under the symbols ENB. PR.B. and ENB.PR.C, respectively.

ENB.PR.B was issued as a FixedReset, 4.00%+240, that commenced trading 2011-9-30 after being announced 2011-9-21. It reset to 3.415% in 2017; I recommended against conversion; but there was an 8% conversion to the FloatingReset, ENB.PR.C, anyway. ENB.PR.B reset to 5.202% in 2022.

ENB.PR.C is a FloatingReset, 3-Month Bills+240, that arose via partial conversion from ENB.PR.B in 2017.

This entry was posted on Wednesday, June 1st, 2022 at 9:00 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.