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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 - November 17, 2017
Marketing Summary - November 15, 2016
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
- $1.2875 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