Enbridge Inc. has announced (long ago, I am shamed to admit: 2023-5-17):
that 1,827,695 of its outstanding Cumulative Redeemable Preference Shares, Series F (Series F Shares) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Preference Shares, Series G of Enbridge (Series G Shares), effective on June 1, 2023. As a result, on June 1, 2023, Enbridge will have 18,172,305 Series F Shares and 1,827,695 Series G Shares issued and outstanding.
The Series F Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol ENB.PR.F. The TSX has conditionally approved the listing of the Series G Shares effective upon conversion. The Series G Shares will begin trading on the TSX on June 1, 2023, subject to the fulfillment of all the listing requirements of the TSX.
ENB.PR.F was issued as a 4.00%+251 FixedReset that commenced trading 2012-1-18 after being announced 2012-1-9. It reset to 4.689% in 2018. I recommended against conversion; there was no conversion. It reset to 5.538% in 2023. The issue is tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns (as of 2023-5-17; upgraded by DBRS to Pfd-2(low) in June, 2024).
Thanks to Assiduous Reader GS for bringing this to my attention!
This entry was posted on Wednesday, September 18th, 2024 at 9:18 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.F / ENB.PR.G : 9% Conversion To FloatingReset
Enbridge Inc. has announced (long ago, I am shamed to admit: 2023-5-17):
ENB.PR.F was issued as a 4.00%+251 FixedReset that commenced trading 2012-1-18 after being announced 2012-1-9. It reset to 4.689% in 2018. I recommended against conversion; there was no conversion. It reset to 5.538% in 2023. The issue is tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns (as of 2023-5-17; upgraded by DBRS to Pfd-2(low) in June, 2024).
Thanks to Assiduous Reader GS for bringing this to my attention!
This entry was posted on Wednesday, September 18th, 2024 at 9:18 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.