Enbridge Announces Conversion Results for Series 15 Preferred Shares

Rhea-AI Summary

Enbridge announced that no outstanding Cumulative Redeemable Preference Shares, Series 15, will convert into Series 16 Shares on September 1, 2020. Less than 1,000,000 Series 15 Shares were tendered for conversion by the August 17 deadline, failing the required threshold for conversion. Enbridge, a North American energy infrastructure leader, manages significant operations in Liquids Pipelines, Gas Transmission, and Renewable Power Generation.

Positive

• Enbridge's core businesses transport 25% of North America's crude oil and 20% of natural gas consumed in the U.S.
• The company serves approximately 3.8 million retail customers in Ontario and Quebec.

Negative

• Failure to convert any Series 15 Shares could impact shareholder sentiment.
• Less than the required 1,000,000 Series 15 Shares were tendered for conversion.

CALGARY, AB, Aug. 17, 2020 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that none of its outstanding Cumulative Redeemable Preference Shares, Series 15 (Series 15 Shares) will be converted into Cumulative Redeemable Preference Shares, Series 16 of Enbridge (Series 16 Shares) on September 1, 2020.

After taking into account all conversion notices received from holders of its outstanding Series 15 Shares by the August 17, 2020 deadline for the conversion of the Series 15 Shares into Series 16 Shares, less than the 1,000,000 Series 15 Shares required to give effect to conversions into Series 16 Shares were tendered for conversion.

About Enbridge Inc. 
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media
Jesse Semko
Toll Free: (888) 992-0997 
Email: media@enbridge.com

Investment Community
Jonathan Morgan
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:http://www.prnewswire.com/news-releases/enbridge-announces-conversion-results-for-series-15-preferred-shares-301113535.html

SOURCE Enbridge Inc.

FAQ

What was the announcement made by Enbridge on August 17, 2020?

Enbridge announced that none of its outstanding Cumulative Redeemable Preference Shares, Series 15 will be converted into Series 16 Shares on September 1, 2020.

How many Series 15 Shares needed to be converted to Series 16 Shares?

Enbridge required at least 1,000,000 Series 15 Shares to effectuate the conversions into Series 16 Shares.

What are the core businesses of Enbridge Inc.?

Enbridge operates in Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, and Renewable Power Generation.

How many retail customers does Enbridge serve in Ontario and Quebec?

Enbridge serves approximately 3.8 million retail customers in Ontario and Quebec.