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Enbridge Inc Announces USD200 Million Preferred Share Offering


Monday, 18 Mar 2013 09:58am EDT 

Enbridge Inc announced that it has entered into an agreement with a group of underwriters to sell eight million Cumulative Redeemable Preference Shares, Series 1 (the Series 1 Preferred Shares) at a price of USD25.00 per share for distribution to the public. Closing of the offering is expected on March 27, 2013. The holders of Series 1 Preferred Shares will be entitled to receive fixed cumulative dividends at an annual rate of USD1.00 per share, payable quarterly on the 1st day of March, June, September and December, as and when declared by the Board of Directors of Enbridge, yielding 4.00 per cent per annum, for the initial fixed rate period to but excluding June 1, 2018. The first quarterly dividend payment date is scheduled for June 1, 2013. The dividend rate will reset on June 1, 2018 and every five years thereafter at a rate equal to the sum of the then five-year United States Government bond yield plus 3.14 per cent. The Series 1 Preferred Shares are redeemable by Enbridge, at its option, on June 1, 2018 and on June 1 of every fifth year thereafter. Proceeds will be used to partially fund capital projects, to reduce existing indebtedness and for other general corporate purposes of the Corporation and its affiliates. The syndicate of underwriters is led by Scotiabank, CIBC, RBC Capital Markets, and TD Securities Inc. 

Company Quote

51.02
-0.2 -0.39%
25 Jul 2014