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Enbridge greenshoe exercised to bring 4% preferreds to C$350 million
By Tali David
Minneapolis, March 29 - Underwriters for Enbridge Inc.'s series H cumulative redeemable preference share offering exercised their over-allotment option in full, bringing the total issue amount for its preferreds to C$350 million, according to a press release.
The company priced C$300 million of the securities to yield 4% for the initial fixed-rate period up to Sept. 1, 2018.
The company overall sold 14 million shares of the series H preferred stock (Baa3/BBB/DBRS: Pfd-2) at C$25.00 per share.
The dividend rate will reset on Sept. 1, 2018 and every five years thereafter at a rate equal to the then five-year Government of Canada bond yield plus 212 basis points.
RBC Capital Markets Corp., Scotia Capital Inc. and TD Securities Inc. were the lead managers.
Proceeds will be used to partially fund capital projects, to reduce existing debt and for other general corporate purposes.
Based in Calgary, Alta., Enbridge is a crude oil and liquids transportation company.
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