JHVEPhoto
- Enbridge (TSX:ENB:CA) (NYSE:ENB) Thursday after market said that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series R (Series R Shares) on June 3.
- As a result, holders of the Series R Shares have the right to convert all or part of their Series R Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series S of Enbridge (Series S Shares) on June 3.
- Holders who do not exercise their right to convert their Series R Shares into Series S Shares will retain their Series R Shares.
- There are currently 16,000,000 Series R Shares outstanding.
- The new annual dividend rate applicable to the Series R Shares for the five-year period commencing on June 3, to, but excluding, June 1, 2029 will be 6.314%, being equal to the five-year Government of Canada bond yield of 3.814% determined as of Thursday, plus 2.50% in accordance with the…
