Canadian Utilities has announced:
it has closed its previously announced public offering of Cumulative Redeemable Second Preferred Shares Series BB, by a syndicate of underwriters co-led by RBC Capital Markets and BMO Capital Markets, and including TD Securities Inc. and Scotiabank. Canadian Utilities Limited issued 6,000,000 Series BB Preferred Shares for gross proceeds of $150 million. The Series BB Preferred Shares will begin trading on the TSX today under the symbol CU.PR.E. The proceeds will be used to fund the previously announced redemption of all of the outstanding Cumulative Redeemable Second Preferred Shares Series W of Canadian Utilities Limited.
CU.PR.E is a Straight Perpetual paying 4.90%, announced June 18. It will be tracked by HIMIPref™ and assigned to the PerpetualPremium sub-index.
The issue traded 831,122 shares on its opening day, July 5, and closed at a healthy 25.23-35.
Vital statistics are:
Maturity Type : Call
Maturity Date : 2021-09-01
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 4.81 %
Update: Rated Pfd-2(high) by DBRS.