Enbridge and Enbridge Pipelines Complete a Debt Exchange Transaction

Enbridge (ENB.TO, ENB) and its Enbridge Pipelines Inc. unit (EPI), on Tuesday said they closed a transaction to exchange all outstanding series of EPI's medium-term note debentures for an equal principal amount of newly issued Enbridge medium-term notes with identical financial terms.

According to the statement, the note exchange transaction gives EPI the flexibility to operate its business, while also delivering a range of operational, structural and capital markets benefits to EPI, Enbridge and the former EPI note holders.

Enbridge shares closed down $0.45 to $77.93 on Toronto Stock Exchange on Tuesday.

High Tide Shares Jump 15% After Hours as Its Fiscal Q2 Profit and Record Revenue Top Estimates

High Tide (HITI.V, HITI), up 15% at look in after-hours Nasdaq trading, after the cannabis retailer on Monday said it swung to a fiscal second-quarter profit on record revenue, with both earnings and sales exceeding analyst estimates.The company reported a profit of C$24,000, or C$0.01 per share, in the quarter ended April 30, compared to a loss of C$2.8 million, or C$0.04, in the prior-year period. FactSet expected a loss of C$0.02 per share in the last quarter.The company reported record revenue C$179.3 million for the period, compared to C$137.8 million during the same period last year, an increase of 30% year-over-year, the fastest growth rate in 11 quarters. It exceeded FactSet analysts' consensus estimate of C$171.2 million.High tide's adjusted EBITDA stood at record C$13.9 million in the second quarter. This was up 73% compared to last year, marking the fastest growth rate in nine quarters, and up 21% sequentially despite there being three fewer days in the quarter, the company said."Our second quarter results highlight the strength of High Tide's diversified growth strategy and our ability to execute at a high level across multiple geographies. Through the continued integration of Remexian, we have expanded our supply chain capabilities, eliminated unnecessary intermediaries, and are procuring biomass at materially lower costs than Remexian could on its own, enabling us to achieve key operational and financial objectives approximately 90 days ahead of our internal expectations," said chief executive Raj Grover.In its outlook, the company reiterated its long-term goal of surpassing 350 retail locations nationwide and opening 20-30 locations in calendar 2026, mostly through organic growth, while also evaluating supplemental M&A opportunities of varying sizes. It also anticipates "significant" growth in its white-label portfolio and expects sales of its higher-margin white-label brands to reach approximately 20% of total sales.The results come after High Tide earlier Monday said it is taking yet another step to expand its bricks-and-mortar retail cannabis operations, by entering into a definitive agreement to acquire J. Supply Holdings Inc., operating as Northern Helm, resulting in High Tide's acquisition of four of the six retail cannabis stores currently operated by Northern Helm in Ontario for $7.74 million. These acquisitions will bring High Tide's total store count to 228 Canna Cabana locations across Canada and 103 in the province of Ontario.Separately, High Tide said it had secured credit approval for a loan agreement with Bank of Montreal in respect of new senior secured credit facilities in the principal amount of C$40 million. Closing of the new credit facilities remains subject to the satisfaction of customary closing conditions and upon closing, will replace the company's existing senior credit facility.Shares of the company were trading up US$0.33 to US$2.58 at last look on Nasdaq, after closing down C$0.05 to C$3.18 on TSX Venture Exchange.

$HITI.V

Enbridge and Enbridge Pipelines Complete a Debt Exchange Transaction

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