Bell Aliant Inc. has announced:
that its subsidiary, Bell Aliant Preferred Equity Inc. (the “Company”), has closed the sale of 8,000,000 4.25 per cent Cumulative 5-Year Rate Reset Series E Preferred Shares (the “Series E Preferred Shares”) at a price of $25.00 per Series E Preferred Share for total gross proceeds of $200 million. This follows the Company’s previously announced bought deal public offering led by Scotiabank, TD Securities Inc, and CIBC. The Series E Preferred Shares begin trading on the TSX under the symbol “BAF.PR.E” today.
BAF.PR.E is a FixedReset, 4.25%+264, announced January 30. The announced issue size of $200-million implies that the greenshoe option for another $30-million was not exercised.
The issue traded 908,461 shares today in a range of 25.12-50 before closing at 25.28-30, 3×42. Vital statistics are:
| BAF.PR.E | FixedReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-02-14 Maturity Price : 23.21 Evaluated at bid price : 25.28 Bid-YTW : 3.94 % |
BAF.PR.E will be tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.