The Calgary-based pipeline company's offering, through several major Canadian banks, is expected to close Sept. 27.
The Series 5 preferred shares will be priced at US$25 each, with at least eight million on offer through a syndicate led by CIBC, RBC Capital Markets, Scotiabank and TD Securities Inc. They have the right to purchase up to an additional two million of the preferreds at the same price.
The preferred shares will pay dividends quarterly at an annual rate of US$1.10, yielding 4.4 per cent per year, until March 1, 2019, when the rate will be reset. Enbridge will also have the right to redeem the shares on March 1, 2019, and every fifth year afterwards.
Assuming Enbridge doesn't exercise its right to redeem the shares, the every fifth year on March 1.Suggest a correction