22:04:17 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Enbridge Inc
Symbol ENB
Shares Issued 855,034,826
Close 2015-04-14 C$ 64.04
Market Cap C$ 54,756,430,257
Recent Sedar Documents

FP says Enbridge preferreds down from issue price

2015-04-16 08:58 ET - In the News

The Financial Post reports in its Thursday edition that over the past two years, Enbridge has come to the market on eight separate occasions with offerings of rate reset preferred shares, which are all now trading below their issue price. The Post's Barry Critchley writes that on a mark-to-market basis, Enbridge pref investors are down about 20 per cent. Based on their credit rating, rate reset pref shares are priced relative to the market at the time of issue and in the absence of any change should stay near the spread at issue. Things changed dramatically for Enbridge at the end of last month when it announced it had delivered a "formal proposal" to the boards of two related entities to "transfer" its Canadian Liquids Pipelines business to Enbridge Income Fund. No value was put on the transaction that was part of a financial restructuring at Enbridge. As part of that Canadian restructuring, Enbridge raised its dividend 33 per cent and announced a revised payout policy. It also is planning to restructure its U.S. operations. The Canadian restructuring was viewed as positive for Enbridge's common shareholders -- but not its debtholders. In other words, the drop down in assets was not credit-friendly.

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