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Enbridge Inc Increases Size of Preferred Share Offering

Monday, 18 Mar 2013 01:56pm EDT 

Enbridge Inc announced that as a result of investor demand for its previously announced offering of Cumulative Redeemable Preference Shares, Series 1 (the Series 1 Preferred Shares), the size of the offering has been increased to 16 million shares. The aggregate gross proceeds will be USD400 million. 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%. 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. The offering is being made only in Canada by means of a prospectus. 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, & TD Securities Inc. 

Company Quote

0.7 +1.49%
26 Nov 2014