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Preferred Share Description
Enbridge Inc. (ENB.PF.G)
4.40% Cumulative, Redeemable, Rate-Reset, Series 15 preferred shares
Prospectus - September 15, 2014
DRBS Credit Update: July 23, 2018 - DBRS confirmed the Issuer Rating of Enbridge Inc. at BBB (high) and the ratings on the Company’s Medium-Term Notes & Unsecured Debentures at BBB (high), Fixed-to-Floating Subordinated Notes at BBB (low), Cumulative Redeemable Preferred Shares at Pfd-3 (high) and Commercial Paper at R-2 (high), all with Stable trends.
The confirmations incorporate DBRS’s assessment of ENB’s strong business risk profile, which should benefit over the medium term from its strategic plan to reposition its asset mix to a pure regulated pipeline and utility business model (demonstrated by $7.5 billion of announced non-core asset sales to date) and completion of its current large portfolio of low-risk capital projects, combined with an improving financial risk profile that should benefit from ENB’s more conservative recent funding plan (including the expected $4.0 billion consolidated debt reduction), corporate simplification and the potential for reduced structural subordination at the ENB level over time. The Stable trends incorporate DBRS’s expectation that any incremental investments in new projects would be consistent with maintaining a strong overall business risk profile and medium-term improvement in key credit metrics with the completion of the current large capital expenditure (capex) program.
- DBRS Rating
- Pfd-3 (high) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.10 per share per year
- Dividend Dates
- Payable on the 1st day of March, June, September and December
- Dividend Details
- The dividend is initially fixed until September 1, 2020. On September 1, 2020 and on September 1st every five years thereafter the dividend will be re-set and fixed at a rate that equals the sum of the Government Of Canada Yield (GCAN5YR) plus 2.68%.
- The Series 15 preferred shares are not redeemable prior to September 1, 2020. On September 1, 2020 and on September 1st every five years thereafter, the Corporation may, at its option, redeem for cash all or any part of the outstanding Series 15 shares at $25.00, per share, plus all accrued and unpaid dividends.
- On September 1, 2020 and on September 1st every five years thereafter holders of the Series 15 preferred shares will have the right to convert all or any of their shares into cumulative redeemable preferred shares, Series 16, Floating Rate Preferred Shares. The Series 16 preferred shares will calculate and pay a dividend quarterly. The annual dividend rate will equal to the sum of the Government of Canada 90-day T-Bill Rate plus 2.68%. On September 1, 2025 and on September 1st every five years thereafter holders of the Series 16 Floating-rate shares shall have the right to convert any or all of their shares back into an equal number of Series 15 Rate Re-set preferred shares.
- Lead Underwriter(s)
- TD Securities, CIBC, RBC Capital Markets, Scotiabank
- Transfer Agent
- CIBC Mellon Trust Company
- CIBC Mellon Trust Company
- Dividend Reinvestment Plan
- Not available to Preferred Shareholders. DRIP is only available to Common Shareholders.
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