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Preferred Share Description
Enbridge Inc. (ENB.PR.F)
4.689% Cumulative, Redeemable, Rate-Reset, Series F preferred shares.
Prospectus - January 11, 2012
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.
Dividend Note: On May 2, 2018, Enbridge announced the fixed annual dividend rate will increase to 4.689% for the period June 1, 2018 to June 1, 2023. This is an increase from the share's original annual dividend rate of 4.00%.
- DBRS Rating
- Pfd-3 (high) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.00 per share per year
- Dividend Dates
- On the 1st day of March, June, September and December
- Dividend Details
- Dividend rate is fixed up until June 1, 2018. On June 1, 2018 and on June 1st every five years thereafter, the dividend rate will be reset to a rate equal to the sum of the Government of Canada Bond Yield (GCAN5YR) plus 2.51%.
- The Series F Shares shall not be redeemable prior to June 1, 2018. Redeemable at the corporation's option on June 1, 2018 and on June 1st in every fifth year thereafter at $25.00 plus all accrued and unpaid dividends.
- On June 1, 2018 and on June 1st every five years thereafter, holders of the Series F preferred shares will have the right to convert their shares into Cumulative, Redeemable, Series G, Floating-Rate shares and they will be entitled to receive a floating dividend equal to the sum of the Government of Canada 3-month T-Bill plus 2.51%. Series G share dividends are calculated and paid quarterly. On June 1, 2023 and on June 1st every five years thereafter holders of the Series G Floating-Rate shares will have the right to convert their shares into an equal number of Series F preferred shares.
- Lead Underwriter(s)
- Scotia Capital, RBC Capital, TD
- Transfer Agent
- CIBC Mellon Trust Company
- CIBC Mellon Trust Company
- Dividend Reinvestment Plan
- Not available to preferred shareholders.
- Last Updated