Emera Incorporated has announced:
that 128,610 of its 3,864,636 issued and outstanding Cumulative Rate Reset First Preferred Shares, Series A (the “Series A Shares”) were tendered for conversion, on a one-for-one basis, into Cumulative Floating Rate First Preferred Shares, Series B (the “Series B Shares”) and that 1,130,788 of its 2,135,364 issued and outstanding Series B Shares were tendered for conversion, on a one-of-one basis, into Series A Shares. As a result of the conversion, Emera has 4,866,814 Series A Shares and 1,133,186 Series B Shares issued and outstanding. The Series A Shares and the Series B Shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbols EMA.PR.A and EMA.PR.B, respectively.
EMA.PR.A was issued as a FixedReset, 4.40%+184, that commenced trading 2010-6-2 after being announced 2010-5-25. Extension was announced in 2015 and a reset to 2.555% announced. I receommended against conversion, but there was a 36% conversion to EMA.PR.B anyway. Notice of extension was provided on 2020-7-9. EMA.PR.A reset at 2.182% effective 2020-8-15.
EMA.PR.B is a FloatingReset, Bills+184, that became extant in 2015 via a 36% conversion from EMA.PR.A.
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EMA.PR.A / EMA.PR.B : 17% Net Conversion To FixedReset
Emera Incorporated has announced:
EMA.PR.A was issued as a FixedReset, 4.40%+184, that commenced trading 2010-6-2 after being announced 2010-5-25. Extension was announced in 2015 and a reset to 2.555% announced. I receommended against conversion, but there was a 36% conversion to EMA.PR.B anyway. Notice of extension was provided on 2020-7-9. EMA.PR.A reset at 2.182% effective 2020-8-15.
EMA.PR.B is a FloatingReset, Bills+184, that became extant in 2015 via a 36% conversion from EMA.PR.A.
This entry was posted on Monday, August 17th, 2020 at 9:01 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.