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Enbridge selling C$400M of preference shares for capital project funding

Enbridge Inc. commenced an offering of C$400 million of preference shares priced at C$25 per share.

Holders of the series 19 preferred shares would receive fixed cumulative dividends at C$1.225 per share annually and may convert their shares into series 20 preferred shares March 1, 2023, and the same date every fifth year afterward. Holders of the series 20 preferred shares are entitled to quarterly floating-rate cumulative dividends.

The underwriters, led by Scotiabank, BMO Capital Markets, CIBC Capital Markets and National Bank Financial, were given an overallotment option for up to 4 million additional series 19 preferred shares at the same price.

Enbridge plans to use proceeds from the offering to fund capital projects and pay down debt as well as for general corporate purposes. The offering is scheduled to close Dec. 11.

Enbridge recently announced a strategic plan involving a C$22 billion capital spending budget, planned noncore asset sales of up to C$10 billion, a 10% dividend increase and a proposal to eliminate Spectra Energy Partners LP's incentive distribution rights.