As noted in the new issue report, Power Financial Corporation has announced:
The Corporation intends to redeem all of its $175 million First Preferred Shares, Series M on January 31, 2014 upon completion of the Series T offering.
Nice! PWF.PR.M is a FixedReset, 6.00%+320 (announced in November, 2008, when the market was going vertical and not in a nice way), while the new issue is 4.20%+237 … so the company is saving 180bp on the difference in initial dividend and will save 93bp on all future resets.
This entry was posted on Monday, December 2nd, 2013 at 7:12 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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PWF.PR.M To Be Redeemed
As noted in the new issue report, Power Financial Corporation has announced:
Nice! PWF.PR.M is a FixedReset, 6.00%+320 (announced in November, 2008, when the market was going vertical and not in a nice way), while the new issue is 4.20%+237 … so the company is saving 180bp on the difference in initial dividend and will save 93bp on all future resets.
This entry was posted on Monday, December 2nd, 2013 at 7:12 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.