ENB.PF.K : No Conversion To FloatingReset

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

that none of its outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 19 (Series 19 Shares) will be converted into Cumulative Redeemable Preference Shares, Series 20 (Series 20 Shares) on March 1, 2023.

After taking into account all conversion notices received from holders of its outstanding Series 19 Shares by the February 14, 2023 deadline for the conversion of the Series 19 Shares into Series 20 Shares, less than the 1,000,000 Series 19 Shares required to give effect to conversions into Series 20 Shares were tendered for conversion.

ENB.PF.K was issued as a FixedReset 4.90%+317M490 that commenced trading 2017-2-11 after being announced 2017-12-4. The issue resets to 6.212% effective 2023-3-1. It is tracked by HIMIPref™ but has been relegated to the Scraps – FixedReset (Discount) subindex on credit concerns.

Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention.

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