Enbridge Shares Rise on Private Notes Offering Consideration

By Adriano Marchese

Enbridge Inc. shares rose in early trading on Wednesday after the company said it was considering offering debt in a private placement to redeem certain preference shares.

At 10:07 a.m. ET, shares were up 1.2% at C$50.13.

On Tuesday after the markets closed, the Canadian natural gas distribution company said it was considering offering hybrid subordinated debt securities in Canada on a private placement basis.

The company didn't provide any details of the potential offering, but said it would use the proceeds to redeem its issued and outstanding cumulative redeemable minimum rate reset preference shares, series 17.

However, Enbridge cautioned there is no certainty that it will complete the offer, nor as to any of the terms or timing of one.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

01-05-22 1027ET