Canadian Utilities has announced:
it has closed its previously announced public offering of Cumulative Redeemable Second Preferred Shares Series Y, by a syndicate of underwriters co-led by RBC Capital Markets and BMO Capital Markets, and including TD Securities Inc. and Scotia Capital Inc. As a result of the underwriters exercising in full their option to purchase an additional 2 million Series Y Preferred Shares, Canadian Utilities Limited issued 13 million Series Y Preferred Shares for gross proceeds of $325 million. The Series Y Preferred Shares will begin trading on the TSX today under the symbol CU.PR.C. The proceeds will be used for capital expenditures, to repay indebtedness and for other general corporate purposes.
CU.PR.C is a FixedReset 4.00%+240 announced September 13. It is tracked by HIMIPref™ and is assigned to the FixedReset subindex.
The issue traded 471,280 shares today in a range of 25.15-25 before closing at 25.21-25, 9×181. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2041-09-21
Maturity Price : 23.19
Evaluated at bid price : 25.21
Bid-YTW : 3.73 %