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Preferred Share Description
Enbridge Inc. (ENB.PF.I)
5.15% Cumulative, Redeemable, Fixed Minimum Rate-Reset, Preference Shares, Series 17
Prospectus - Not yet available
Marketing Summary - November 15,2016
DRBS Credit Update: April 28, 2017 - DBRS Limited has today confirmed the following ratings of Enbridge Inc. and Enbridge Energy Partners, L.P. (EEP):
- EEP, Issuer Rating at BBB
- EEP, Senior Unsecured Notes at BBB
- EEP, Junior Subordinated Notes at BB (high)
- EEP, Commercial Paper at R-2 (middle)
- ENB, Issuer Rating at BBB (high)
- ENB, Medium-Term Notes & Unsecured Debentures at BBB (high)
- ENB, Fixed-to-Floating Subordinated Notes at BBB (low)
- ENB, Cumulative Redeemable Preferred Shares at Pfd-3 (high)
- ENB, Commercial Paper at R-2 (high)
The trends are Stable.
These rating actions follow the announcement that the previously announced strategic review of EEP,
conducted in the context of the integration of the February 27, 2017, merger between ENB and
Spectra Energy Corp (SEC), has concluded. In DBRS’s view, the actions described below are
supportive of EEP’s current ratings and are modestly negative, but manageable, for ENB’s current
ratings. Components of the resulting EEP Restructuring Plan have an anticipated completion date
before the end of Q2 2017.
- DBRS Rating
- Pfd-3 (high) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.2875 per share, per year
- Dividend Dates
- Payable on the 1st day of March, June, September and December
- Dividend Details
- The dividend for the Series 17 Preferred Shares will be fixed at 5.15% per year until March 1, 2022. On March 1, 2022 and on March 1st every 5 years thereafter, the dividend rate will be reset so that it equals the sum of the then 5-year Canadian Government bond yield plus 4.14%, provided that, in any event, such rate shall not be less than 5.15% per year.
- The shares are not redeemable by the company prior to March 1, 2022. On March 1, 2022 and on March 1st every 5-years thereafter, the company can, at it's option, redeem, all or in part, the shares at $25.00 each.
- On March 1, 2022 and on March 1 of every fifth year thereafter, holders of Series 17 Preferred Shares will have the right to convert their shares into an equal number of the Series 18 Floating-Rate Preference Shares. The dividends on the Series 18 Preferred Shares will be calculated and paid quarterly, at a rate equal to the sum of the 90-day Government of Canada Treasury bill rate plus 4.14%. In addition, on March 1, 2027 and on March 1st every 5-years thereafter, holders of the Series 18 Floating-Rate preferred shares will have the option to convert all or a portion of their shares into an equal number of the Rate-Reset Series 17 shares.
- Lead Underwriter(s)
- TD Securities Inc., CIBC Capital Markets, Scotiabank, and RBC Capital Markets.
- Transfer Agent
- CIBC Mellon Trust Company
- CIBC Mellon Trust Company
- Dividend Reinvestment Plan
- Not available to preferred share holders.
- Last Updated