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Enbridge Inc | Cumulative Redeemable Preference Shares, Series L (ENB.PFU.CA)
Prospectus excerpt: Enbridge Inc. (the “Corporation”) is hereby qualifying the distribution (the “Offering”) of 16,000,000 cumulative redeemable preference shares, Series L (the “Series L Shares”) of the Corporation at a price of US$25.00 per Series L Share. See “Details of the Offering” and “Plan of Distribution”. The holders of Series L Shares will be entitled to receive, as and when declared by the board of directors of the Corporation (the “Board”) out of moneys of the Corporation properly applicable to the payment of dividends, fixed, cumulative, preferential cash dividends for the initial period from and including the date of issue of the Series L Shares to but excluding September 1, 2017 (the “Initial Fixed Rate Period”), at an annual rate of US$1.00 per Series L Share, payable quarterly on the first day of March, June, September and December in each year (less any tax required to be deducted and withheld by the Corporation). If any such date is not a business day, the dividend will be paid on the next succeeding business day. Assuming an issue date ofMay 23, 2012, the first dividend, if declared, will be payable September 1, 2012 in the amount of US$0.2767 per Series L Share. Full Prospectus PDF », ENB.CA Page »
Series: | L | Redeemable?: | Yes | Call Date: | 9/1/2017 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Conversion Ratio: | The holders of the Series L Shares will have the right to convert all or any of their Series L Shares into cumulative redeemable preference shares, SeriesMof the Corporation (the “SeriesMShares”), subject to certain conditions as described herein, on September 1, 2017 and on September 1 in every fifth year thereafter. The holders of the SeriesMShares will be entitled to receive, as and when declared by the Board, quarterly floating rate cumulative preferential cash dividends payable on the first day of March, June, September and December in each year (each such quarterly dividend period is referred to as a “Quarterly FloatingRate Period”, as defined herein) in the amount per share determined by multiplying the Floating Quarterly Dividend Rate (as defined herein) for such Quarterly Floating Rate Period by US$25.00 and multiplying that product by a fraction, the numerator of which is the actual number of days in such Quarterly Floating Rate Period and the denominator of which is 365 or 366, depending upon the actual number of days in the applicable year (less any tax required to be deducted and withheld by the Corporation). If any such date is not a business day, the dividend will be paid on the next succeeding business day. The Floating QuarterlyDividend Rate will be the annual rate of interest equal to the sumof the T-Bill Rate (as defined herein) on the applicable Floating Rate Calculation Date (as defined herein) plus a spread of 3.15%. See “Details of the Offering”. The Series L Shares and Series M Shares are series of shares in the same class. The conversion right entitles holders to elect periodically which of the two series they wish to hold and does not entitle holders to receive a different class or type of securities. Other than the different dividend rights and redemption rights attached thereto, the Series L Shares and Series M Shares are identical in all material respects. Price: US$25.00 per Series L Share | Shares Offered: | 16000000 | Liquidation Preference: | $25 | Original Coupon: | 4.00% | Pay Period: | Quarterly | Pay Dates: | 1-Mar, 1-Jun, 1-Sep, 1-Dec | CDx3 Compliance Rating: |
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Enbridge is an energy transportation and distribution company. Co. conducts its business through five business segments: Liquids Pipelines, which consists of pipelines and related terminals in that transport various grades of crude oil and other liquid hydrocarbons; Gas Transmission and Midstream, which consists of investments in natural gas pipelines and gathering and processing facilities; Gas Distribution and Storage, which consists of Co.'s natural gas utility operations; Renewable Power Generation, which consists primarily of investments in wind and solar power generating assets; and Energy Services, which undertake physical commodity marketing activity and logistical services. Preferreds: ENB.PRA.CA, ENB.PRB.CA, ENB.PRD.CA, ENB.PRF.CA, ENB.PRH.CA, ENB.PRV.CA, ENB.PRY.CA, ENB.PRN.CA, ENB.PRP.CA, ENB.PRT.CA, ENB.PFU.CA, ENB.PRU.CA Open the ENB.CA Information Page »
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