The Toronto Stock Exchange reports that Enbridge Inc. will list 2,350,602 cumulative redeemable preference shares, Series I, as a result of the conversion of cumulative redeemable preference shares, Series H, of the company into Series I shares. According to the TSX, the Series I shares will begin trading at the open on Sept. 1, 2023, under the symbol ENB.PR.I, in Canadian dollars and with Cusip No. 29250N 83 2.

The TSX reports that Enbridge expects to pay quarterly dividends on the Series I shares quarterly on the first day of March, June, September and December each year. The annual dividend rate will be variable based on the floating quarterly dividend rate. The floating quarterly dividend rate for the Series I shares for the three-month floating rate period from and including Sept. 1, 2023, to but excluding Dec. 1, 2023, will be 1.79258 per cent or approximately 44.814 cents per Series I share, if, as and when declared by the company's board of directors.

According to the TSX, Enbridge may redeem all or any part of the Series I shares by the payment of an amount in cash for each share to be redeemed equal to: (i) $25 in the case of redemptions on any Series I conversion date; or (ii) $25.50 in the case of redemptions on any date that is not a Series I conversion date, in each case plus all accrued and unpaid dividends thereon (less any tax required to be deducted and withheld by the company), to, but excluding, the date fixed for redemption. The TSX notes that the Series I shares are convertible, on each Series I conversion date, into Series H shares on a 1:1 basis, subject to certain restrictions.

For more information, see the prospectus supplement dated March 22, 2012, to the short form base shelf prospectus dated Oct. 28, 2010, available on SEDAR+.