Business
Enbridge Provides Notice of Series 11 Preferred Shares Conversion Right and Announces Reset Dividend Rates
Enbridge Provides Notice of Series 11 Preferred Shares Conversion Right and Announces Reset Divid...
About this update from Enbridge Inc.
[{"type":"text","content":"\n\n\n\n Enbridge Provides Notice of Series 11 Preferred Shares Conversion Right and Announces Reset Dividend Rates\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Jan. 30, 2025\n \n\n /CNW/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series 11 (Series 11 Shares) (TSX: ENB.PF.C) on\n \n March 1, 2025\n \n . As a result, subject to certain conditions, the holders of the Series 11 Shares have the right to convert all or part of their Series 11 Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series 12 of Enbridge (Series 12 Shares) on\n \n March 1, 2025\n \n . Holders who do not exercise their right to convert their Series 11 Shares into Series 12 Shares will retain their Series 11 Shares.\n \n\n The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than 1,000,000 Series 11 Shares outstanding after\n \n March 1, 2025\n \n , then all remaining Series 11 Shares will automatically be converted into Series 12 Shares on a one-for-one basis on\n \n March 1, 2025\n \n ; and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series 12 Shares outstanding after\n \n March 1, 2025\n \n , no Series 11 Shares will be converted into Series 12 Shares. There are currently 20,000,000 Series 11 Shares outstanding.\n \n\n With respect to any Series 11 Shares that remain outstanding after\n \n March 1, 2025\n \n , holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The new annual dividend rate applicable to the Series 11 Shares for the five-year period commencing on\n \n March 1, 2025\n \n to, but excluding,\n \n March 1, 2030\n \n will be 5.477 percent, being equal to the five-year Government of\n \n Canada\n \n bond yield of 2.837 percent dete...