Canadian Utilities has announced:
it has closed its previously announced public offering of Cumulative Redeemable Second Preferred Shares Series DD, by a syndicate of underwriters co-led by RBC Capital Markets and BMO Capital Markets, and including TD Securities Inc., Scotiabank, CIBC, Canaccord Genuity Corp., and GMP Securities L.P. Canadian Utilities Limited issued 9,000,000 Series DD Preferred Shares for gross proceeds of $225 million. The Series DD Preferred Shares will begin trading on the TSX today under the symbol CU.PR.G. The proceeds will be used for capital expenditures, to repay indebtedness and for other general corporate purposes.
CU.PR.G is a Straight Perpetual, 4.50%, announced April 30. It will be tracked by HIMIPref™ and has been assigned to the PerpetualPremium index.
The issue traded an impressive 1,121,508 shares today in a range of 25.00-19 before closing at 25.07-08, 115×5. The small premium is not surprising – it has a very close relation on the market in the form of CU.PR.F, which differs in terms only in that the redemption schedule differs by three months.
Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2043-05-15
Maturity Price : 24.67
Evaluated at bid price : 25.07
Bid-YTW : 4.49 %