Enbridge Inc. has announced:
that 1,502,775 of its outstanding Cumulative Redeemable Preference Shares, Series 3 (Series 3 Shares) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Preference Shares, Series 4 of Enbridge (Series 4 Shares), effective on September 1, 2024. As a result, on September 1, 2024, Enbridge will have 22,497,225 Series 3 Shares and 1,502,775 Series 4 Shares issued and outstanding.
The Series 3 Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol ENB.PR.Y. The TSX has conditionally approved the listing of the Series 4 Shares effective upon conversion. The Series 4 Shares will begin trading on the TSX on September 3, 2024, subject to the fulfillment of all the listing requirements of the TSX.
ENB.PR.Y was issued as a FixedReset, 4.00%+238, that commenced trading 2013-6-6 after being announced 2013-5-28. The issue reset at 3.737% effective September 1, 2019. I recommended against conversion and there was no conversion. The issue will reset to 5.288% effective 2024-9-1. ENB.PR.Y is tracked by HIMIPref™ and has been assigned to the FixedReset (Discount) subindex following the DBRS upgrade.
Thanks to Assiduous Reader NK for bringing this to my attention!
This entry was posted on Tuesday, August 20th, 2024 at 9:56 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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ENB.PR.Y: 6% Conversion to FloatingReset, ENB.P?.?
Enbridge Inc. has announced:
ENB.PR.Y was issued as a FixedReset, 4.00%+238, that commenced trading 2013-6-6 after being announced 2013-5-28. The issue reset at 3.737% effective September 1, 2019. I recommended against conversion and there was no conversion. The issue will reset to 5.288% effective 2024-9-1. ENB.PR.Y is tracked by HIMIPref™ and has been assigned to the FixedReset (Discount) subindex following the DBRS upgrade.
Thanks to Assiduous Reader NK for bringing this to my attention!
This entry was posted on Tuesday, August 20th, 2024 at 9:56 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.