TransAlta Corporation has announced:
that after having taken into account all election notices received by the June 15, 2017 deadline for the conversion of the Cumulative Redeemable Rate Reset Preferred Shares, Series C (the “Series C Shares”) into Cumulative Redeemable Floating Rate Preferred Shares, Series D (the “Series D Shares”), there were 827,628 Series C Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series D Shares. As a result, none of the Series C Shares will be converted into Series D Shares on June 30, 2017.
Assiduous Readers will recall that TA.PR.F will reset at 4.027% and should now be referred to as a FixedReset, 4.027%+310. I recommended against conversion.
The issue commenced trading 2011-11-30 after being announced 2011-11-22. It has been relegated to the Scraps subindex since inception on credit concerns.
[…] trading 2011-11-30 after being announced 2011-11-22. It reset to 4.027% in 2017; there was no conversion. It has been relegated to the Scraps subindex since inception on credit […]