{"id":43492,"date":"2022-06-01T21:00:03","date_gmt":"2022-06-02T02:00:03","guid":{"rendered":"https:\/\/prefblog.com\/?p=43492"},"modified":"2022-06-01T21:00:03","modified_gmt":"2022-06-02T02:00:03","slug":"enb-pr-b-enb-pr-c-forced-conversion-to-fixedreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43492","title":{"rendered":"ENB.PR.B \/ ENB.PR.C : Forced Conversion to FixedReset"},"content":{"rendered":"<p>Enbridge Inc. <a href=\"https:\/\/www.enbridge.com\/media-center\/news\/details?id=123724&amp;lang=en\">has announced<\/a> (on May 19):<\/p>\n<blockquote><p> 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.<\/p>\n<p>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.<\/p><\/blockquote>\n<p>ENB.PR.B was issued as a FixedReset, 4.00%+240, that <a href=\"http:\/\/prefblog.com\/?p=16532\">commenced trading 2011-9-30<\/a> after being <a href=\"http:\/\/prefblog.com\/?p=16434\">announced 2011-9-21<\/a>. It <a href=\"https:\/\/prefblog.com\/?p=34809\">reset to 3.415%<\/a> in 2017; I <a href=\"https:\/\/prefblog.com\/?p=34832\">recommended against conversion<\/a>; but there was an <a href=\"https:\/\/prefblog.com\/?p=34888\">8% conversion to the FloatingReset<\/a>, ENB.PR.C, anyway. ENB.PR.B <a href=\"https:\/\/prefblog.com\/?p=43355\">reset to 5.202%<\/a> in 2022.<\/p>\n<p>ENB.PR.C is a FloatingReset, 3-Month Bills+240, that arose via <a href=\"https:\/\/prefblog.com\/?p=34888\">partial conversion from ENB.PR.B<\/a> in 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-43492","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43492"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43492\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}