Capital Power Corporation has announced:
that it has closed its previously announced offering of 6,000,000 Cumulative Rate Reset Preference Shares, Series 3 (the “Series 3 Shares”) at a price of $25 per Series 3 Share for aggregate gross proceeds of $150 million on a bought deal basis with a syndicate of underwriters, led by TD Securities Inc. and BMO Capital Markets.
CPX.PR.C is a FixedReset, 4.60%+323, announced December 6. It will be tracked by HIMIPref™ but assigned to the Scraps index on credit concerns. The issue size of $150-million means that the $50-million greenshoe was not exercised.
DBRS has announced that it:
has today assigned a rating of Pfd-3 (low) with a Stable trend to Capital Power Corporation’s (CPC or the Company) $150 million Cumulative Rate Reset Preference Shares, Series 3 (the Series 3 Preferred Shares).
The issue traded 252,702 in a range of 24.84-00 before closing at 24.88-90, 40×59. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2042-12-18
Maturity Price : 23.07
Evaluated at bid price : 24.88
Bid-YTW : 4.50 %