ENB.PR.D : No Conversion to FloatingReset

Enbridge Inc. has announced (on 2023-2-14):

that none of its outstanding Cumulative Redeemable Preference Shares, Series D (Series D Shares) will be converted into Cumulative Redeemable Preference Shares, Series E (Series E Shares) on March 1, 2023.

After taking into account all conversion notices received from holders of its outstanding Series D Shares by the February 14, 2023 deadline for the conversion of the Series D Shares into Series E Shares, less than the 1,000,000 Series D Shares required to give effect to conversions into Series E Shares were tendered for conversion.

ENB.PR.D is a FixedReset, 4.00%+237, that commenced trading 2011-11-23 after being announced 2011-11-14. It reset to 4.46% in 2018; I recommended against conversion; and there was no conversion. ENB.PR.D will reset to 5.412% effective 2023-3-1. The issue is tracked by HIMIPref™ but relegated to the Scraps – FixedReset (Discount) subindex due to credit concerns.

Update, 2023-2-18: An earlier version of this post quoted from and linked to the incorrect press release! This has been corrected – sorry about that!

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