Enbridge Provides Notice of Series B & C Preferred Shares Conversion Right

Source: www.gulfoilandgas.com 5/2/2022, Location: North America

Enbridge Inc. does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series B (Series B Shares) (TSX: ENB.PR.B) or its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series C (Series C Shares) (TSX: ENB.PR.C) on June 1, 2022. As a result, subject to certain conditions, the holders of the Series B Shares have the right to convert all or part of their Series B Shares on a one-for-one basis into Series C Shares on June 1, 2022 and the holders of the Series C Shares have the right to convert all or part of their Series C Shares on a one-for-one bases into Series B Shares on June 1, 2022. Holders who do not exercise their right to convert their Series B Shares into Series C Shares will retain their Series B Shares and holders who do not exercise their right to convert their Series C Shares into Series B Shares will retain their Series C Shares.

The foregoing conversion rights are subject to the conditions that: (i) if Enbridge, after taking into account all Series B Shares and all Series C Shares tendered for conversion, determines that there would be less than 1,000,000 Series B Shares outstanding after June 1, 2022, then all remaining Series B Shares will automatically be converted into Series C Shares on a one-for-one basis on June 1, 2022 and no Series C Shares will be converted into Series B Shares; and (ii) alternatively, if Enbridge, after taking into account all Series B Shares and all Series C Shares tendered for conversion, determines that there would be less than 1,000,000 Series C Shares outstanding after June 1, 2022, then all remaining Series C Shares will automatically be converted into Series B Shares on a one-for-one basis on June 1, 2022 and no Series B Shares will be converted into Series C Shares. There are currently 18,269,812 Series B Shares outstanding and 1,730,188 Series C Shares outstanding.

With respect to any Series B Shares that remain outstanding after June 1, 2022, including any Series B Shares issued pursuant to the conversion of the Class C Shares, 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 B Shares for the five-year period commencing on June 1, 2022 to, but excluding, June 1, 2027 will be 5.202 percent, being equal to the five-year Government of Canada bond yield of 2.802 percent determined as of today plus 2.40 percent in accordance with the terms of the Series B Shares.

With respect to any Class C Shares that remain outstanding after June 1, 2022, including any Series C Shares issued pursuant to the conversion of the Class B Shares, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The dividend rate applicable to the Series C Shares for the three-month floating rate period commencing on June 1, 2022 to, but excluding, September 1, 2022 will be 0.95277 percent, based on the annual rate on three month Government of Canada treasury bills for the most recent treasury bills auction of 1.38 percent plus 2.40 percent in accordance with the terms of the Series C Shares (the Floating Quarterly Dividend Rate). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial holders of Series B Shares and Series C Shares who wish to exercise their respective rights of conversion during the conversion periods applicable to the Series B Shares and the Series C Shares, each of which runs from May 2, 2022, until 5:00 p.m. (EST) on May 17, 2022, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary time to complete the necessary steps. Any notices received after this deadline will not be valid.


Cameroon >>  8/16/2022 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa , announces that it has made an annual award of share options under i...
Argentina >>  8/15/2022 - Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the results of the Placing, further to the Company's ...

Bermuda >>  8/15/2022 - Valaris Limited has commenced a consent solicitation (“Consent Solicitation”) with respect to proposed amendments to the indenture (the “Indenture”) g...
Canada >>  8/15/2022 - Civeo Corporation, a leading provider of hospitality services to the natural resources sector, announced that it has agreed to repurchase approximatel...

Canada >>  8/15/2022 - Three Sixty Solar Ltd. (NEO: VSOL) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), the first company to design, build and patent a commercial ...
United Kingdom >>  8/15/2022 - - Restructuring will be implemented through a pre-arranged Chapter 11 process in U.S. Bankruptcy Court
- Restructuring will significantly deleve...





Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.