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Enbridge Rate Reset, Minimum Guarantee New Issue

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Enbridge Inc. (ENB) is issuing $400M of 4.9% Minimum Rate Reset Cumulative Preferred Shares. The first dividend reset date is Mar-1-2023 at the then efffective 5 year Gov. of Canada bond yield plus 3.17%, provided the rate is not less than 4.9%.

On Mar-1-2023 and every five years thereafter, holders have the option to convert into an equal number cumulative floating rate preferred shares with a floating quarterly dividend rate for a quarter equal to the 3-month Government of Canada TBill Rate plus 3.17%.

Rating: DBRS Pfd-3(High)

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