Bell Aliant has announced:
Bell Aliant Preferred Equity Inc. (the “Company”) has closed the sale of 10,000,000 4.85% Cumulative 5-Year Rate Reset Series A Preferred Shares (the “Series A Preferred Shares”) at a price of $25.00 per Series A Preferred Share. This follows the Company’s previously announced bought deal public offering led by BMO Capital Markets and Scotia Capital Inc. The Series A Preferred Shares begin trading on the TSX under the symbol “BAF” today.
BAF.PR.A is a 4.85%+209 FixedReset announced February 22. Closing was delayed from the originally scheduled March 9 due to what appears to be a clerical error. It would appear that there was another hiccup this morning; trading was halted:
The following issues have been halted by Investment Industry Regulatory Organization of Canada (IIROC):
Issuer Name: Bell Aliant Preferred Equity Inc.
TSX Ticker Symbol: BAF.PR.A
Time of Halt: 8:32
Reason for Halt: Pending Closing
and eventually started 45 minutes into the session:
Trading resumes in:
Issuer Name: Bell Aliant Preferred Equity Inc.
TSX Ticker Symbol: BAF.PR.A
Resumption Time: 10:15 a.m.
The issue traded 202,290 shares today in a range of 24.79-90 before closing at 24.80-84, 54×1.
Vital statistics are:
| BAF.PR.A | FixedReset | Not Calc! | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-03-15 Maturity Price : 24.75 Evaluated at bid price : 24.80 Bid-YTW : 4.77 % |
BAF.PR.A will be tracked by HIMIPref™ but consigned to the Scraps index on credit concerns.
Update, 2011-3-25: The greenshoe was fully exercised:
Bell Aliant Inc. (“Bell Aliant”) (TSX:BA) announced today Bell Aliant Preferred Equity Inc. (the “Company”) has closed the sale of an additional 1,500,000 Cumulative 5-Year Rate Reset Series A Preferred Shares (the “Series A Preferred Shares”) at a price of $25.00 per Series A Preferred Share. This follows the exercise in full by the underwriters of the over-allotment option in connection with the Company’s previously announced bought deal public offering of Series A Preferred Shares (the “Offering”) led by BMO Capital Markets and Scotia Capital Inc. As a result of the exercise of the over-allotment option, the aggregate gross proceeds to the Company pursuant to the Offering now total $287.5 million. The Series A Preferred Shares began trading on the Toronto Stock Exchange under the symbol “BAF.PR.A” on March 15, 2011.