L.PR.B Firm On Decent Volume

Loblaw Companies Limited has announced:

the completion today of the sale of 9 million cumulative Second Preferred Shares, Series B (the “Preferred Shares Series B”), to yield 5.30% per annum, to a syndicate of underwriters co-led by RBC Capital Markets, Scotiabank and TD Securities Inc. The aggregate gross proceeds of the sale were $225 million. The Preferred Shares Series B have been listed and posted to trade on the Toronto Stock Exchange under the symbol “L.PR.B”.

L.PR.B is a 5.30% Straight Perpetual announced June 2. It will be tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

The issue traded 765,451 shares today (consolidated exchanges) in a range of 24.87-97 before closing at 24.92-95. Vital statistics are:

L.PR.B Perpetual-Discount YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2045-06-09
Maturity Price : 24.53
Evaluated at bid price : 24.92
Bid-YTW : 5.33 %

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