{"id":47202,"date":"2024-08-20T21:56:19","date_gmt":"2024-08-21T02:56:19","guid":{"rendered":"https:\/\/prefblog.com\/?p=47202"},"modified":"2024-08-20T21:56:19","modified_gmt":"2024-08-21T02:56:19","slug":"enb-pr-y-6-conversion-to-floating-reset-enb-p","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47202","title":{"rendered":"ENB.PR.Y: 6% Conversion to FloatingReset, ENB.PR.Z"},"content":{"rendered":"<p>Enbridge Inc. <a href=\"https:\/\/www.enbridge.com\/media-center\/news\/details?id=123827&#038;lang=en\">has announced<\/a>:<\/p>\n<blockquote><p>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.<\/p>\n<p>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.<\/p><\/blockquote>\n<p>ENB.PR.Y was issued as a FixedReset, 4.00%+238, that <a href=\"http:\/\/prefblog.com\/?p=22168\">commenced trading 2013-6-6<\/a> after being <a href=\"http:\/\/www.prefblog.com\/?p=22070\">announced 2013-5-28<\/a>. The issue <a href=\"http:\/\/prefblog.com\/?p=39163\"> reset at 3.737%<\/a> effective September 1, 2019. I <a href=\"http:\/\/prefblog.com\/?p=39236\">recommended against conversion<\/a> and there was <a href=\"https:\/\/prefblog.com\/?p=39354\">no conversion<\/a>. The issue will <a href=\"https:\/\/prefblog.com\/?p=47133\">reset to 5.288%<\/a> effective 2024-9-1. ENB.PR.Y is tracked by HIMIPref&trade; and has been assigned to the FixedReset (Discount) subindex following the <a href=\"https:\/\/prefblog.com\/?p=46997\">DBRS upgrade<\/a>.<\/p>\n<p>Thanks to Assiduous Reader NK for bringing this to my attention!<\/p>\n<p><b>Update, 2024-09-03<\/b>: I note that the FloatingReset has been assigned the ticker symbol ENB.PR.Z<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &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-47202","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47202","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=47202"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47202\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}