Enbridge Inc. (ticker: ENB) announced today that it has closed its previously announced public offering of Cumulative Redeemable Minimum Rate Reset Preference Shares, the Series 19 Preferred Shares, through a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, and National Bank Financial.
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Enbridge issued 20 million Series 19 Preferred Shares, inclusive of 4 million Series 19 Preferred Shares issued on full exercise of the underwriters’ option, for gross proceeds of $500 million. The Series 19 Preferred Shares will begin trading on the Toronto Stock Exchange (TSX) today under the symbol ENB.PF.K. Proceeds from the offering are expected to be used to partially fund capital projects, to reduce existing indebtedness, and for other general corporate purposes of the company and its affiliates.
