Category: Issue Comments

Brookfield Corporation has announced:

that it intends to redeem all of its Cumulative Redeemable Class A Preference Shares, Series 51 (the “Series 51 Shares”) (TSX: BN.PF.K) and all of its Cumulative Redeemable Class A Preference Shares, Series 52 (the “Series 52 Shares”) (TSX: BN.PF.L) for cash on November 1, 2026 (the “Redemption Date”). The redemption price for each Series 51 Share will be $22.44, together with all accrued and unpaid dividends up to but excluding the Redemption Date. The redemption price for each Series 52 Share will be $22.00. Holders of the Series 52 Shares of record as of October 15, 2026 will also receive the previously declared final quarterly dividend of $0.151250 per Series 52 Share, payable on October 30, 2026.

BAM.PF.K was originally issued as BAM.PR.E; at the time of transformation the par value was changed from 25.00. It formed the RatchetRate component of a Strong Pair, the FixedFloater component being BAM.PR.G, now BN.PF.L. Both components of the pair are being redeemed.

To say the redemption took the market by surprise is something of an understatement: BN.PF.K was up 4.44, or 24.65% today while BN.PF.L was up 3.90, or 21.49%.

Thanks to Assiduous Reader cwrea for bringing this to my attention!

Sun Life Financial Inc. announced (on 2026-8-14):

that it does not intend to exercise its right to redeem its currently outstanding Class A Non-Cumulative Rate Reset Preferred Shares Series 10R (the “Series 10R Shares”) nor its currently outstanding Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR (the “Series 11QR Shares”) on September 30, 2026. As a result, subject to certain conditions, the holders of Series 10R Shares have the right to convert all or part of their Series 10R Shares on a one-for-one basis into Series 11QR Shares, and the holders of Series 11QR Shares have the right to convert all or a part of their Series 11QR Shares on a one-for-one basis into Series 10R Shares, in each case on September 30, 2026. Holders of Series 10R Shares who do not exercise their right to convert their Series 10R Shares into Series 11QR Shares on such date will retain their Series 10R Shares, and holders of Series 11QR Shares who do not exercise their right to convert their Series 11QR Shares into Series 10R Shares on such date will retain their Series 11QR Shares.

The foregoing conversions are subject to the conditions that: (i) if Sun Life determines that there would be less than one million Series 10R Shares outstanding after September 30, 2026, then all remaining Series 10R Shares will automatically be converted into Series 11QR Shares on a one-for-one basis on September 30, 2026, and (ii) alternatively, if Sun Life determines that there would be less than one million Series 11QR Shares outstanding after September 30, 2026, then all remaining Series 11QR Shares will automatically be converted into Series 10R Shares on a one-for-one basis on September 30, 2026. In either case, Sun Life will give a written notice to that effect to any registered holder affected by the preceding minimums on or before Monday, September 21, 2026.

The dividend rate applicable to the Series 10R Shares for the five-year period commencing on September 30, 2026 and ending on September 29, 2031, and the dividend rate applicable to the Series 11QR Shares for the three-month period commencing on September 30, 2026 and ending on December 30, 2026, will be determined on Monday, August 31, 2026 and will be announced in a news release on Monday, August 31, 2026.

Beneficial owners of Series 10R Shares and Series 11QR Shares who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to ensure that they meet the deadline to exercise such right, which is 5:00 p.m. (ET) on Wednesday, September 16, 2026.

Subject to regulatory approval, Sun Life may redeem all or any part of the outstanding Series 10R Shares, at Sun Life’s option, by the payment of an amount in cash for each share so redeemed of $25.00, together with all declared and unpaid dividends to the date fixed for redemption, on September 30, 2031 and on September 30 in every fifth year thereafter. Subject to regulatory approval, Sun Life may redeem all or any part of the then outstanding Series 11QR Shares, at Sun Life’s option, by the payment of an amount in cash for each share so redeemed of (i) $25.00, together with all declared and unpaid dividends to the date fixed for redemption in the case of redemptions on September 30, 2031 and on September 30 every five years thereafter, or (ii) $25.50, together with all declared and unpaid dividends to the date fixed for redemption in the case of redemptions on any other date.

The company has now announced:

the applicable dividend rates for its Class A Non-Cumulative Rate Reset Preferred Shares Series 10R (the “Series 10R Shares”) and Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR (the “Series 11QR Shares”).

With respect to any Series 10R Shares that remain outstanding after September 30, 2026, commencing as of such date, holders thereof will be entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Sun Life and subject to the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on September 30, 2026 to but excluding September 30, 2031 will be 5.519% per annum or $0.344938 per share per quarter, being equal to the sum of the Government of Canada Yield, as defined in the terms of the Series 10R Shares, on Monday, August 31, 2026 plus 2.17%, as determined in accordance with the terms of the Series 10R Shares.

With respect to any Series 11QR Shares that remain outstanding after September 30, 2026, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Sun Life and subject to the Insurance Companies Act (Canada), based on a dividend rate equal to the sum of the T-Bill Rate, as defined in the terms of the Series 11QR Shares, plus 2.17% (calculated on the basis of the actual number of days elapsed in such Quarterly Floating Rate Period divided by 365 days), subject to certain adjustments in accordance with the terms of the Series 11QR Shares. The dividend rate for the period commencing on September 30, 2026 to but excluding December 31, 2026 will be equal to 4.459% per annum or $0.280978 per share, as determined in accordance with the terms of the Series 11QR Shares.

Beneficial owners of Series 10R Shares and Series 11QR Shares who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to meet the deadline to exercise such right, which is 5:00 p.m. (ET) on Wednesday, September 16, 2026.

SLF.PR.H was issued as a FixedReset, 3.90%+217, that commenced trading 2011-8-12 after being announced 2011-8-4. After notice of extension the issue reset to 2.842% in 2016 and there was a 14% conversion to the FloatingReset SLF.PR.K. The issue reset to 2.967% in 2021 and there was a 1% net conversion into the FloatingReset.

SLF.PR.K is a FloatingReset, Bills+217, that arose via a partial conversion from SLF.PR.H in 2016.

Thanks to Assiduous Reader Fletcher Lynd for bringing this to my attention!

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced:

the reset dividend rate and conversion privileges on its Class AAA Preference Shares, Series R (“Series R Shares”) (TSX: BPO.PR.R)

Series R Shares

If declared, the fixed quarterly dividends on the Series R Shares for the five years commencing October 1, 2026 and ending September 30, 2031 will be paid at an annual rate of 6.829000% ($0.4268125 per share per quarter).

Holders of Series R Shares have the right, at their option, exercisable no later than 5:00 p.m. (Toronto time) on September 15, 2026, to convert all or part of their Series R Shares, on a one-for-one basis, into Class AAA Preference Shares, Series S (the “Series S Shares”), effective September 30, 2026.

The quarterly floating rate dividends on the Series S Shares have an annual rate, calculated for each quarter, of 3.48% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the October 1, 2026 to December 31, 2026 dividend period for the Series S Shares will be 1.454360% (5.770000% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.363590 per share, payable on December 31, 2026.

Holders of Series R Shares are not required to elect to convert all or any part of their Series R Shares into Series S Shares.

As provided in the share conditions of the Series R Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series R Shares outstanding after September 30, 2026, all remaining Series R Shares will be automatically converted into Series S Shares on a one-for-one basis effective September 30, 2026; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series S Shares outstanding after September 30, 2026, no Series R Shares will be permitted to be converted into Series S Shares. There are currently 9,946,218 Series R Shares outstanding.

BPO.PR.R was issued as a 5.10%+348 FixedReset that commenced trading 2011-9-2 after being announced 2011-8-25. The issue reset to 4.155% in 2016 and there was an 11% conversion to the FloatingReset BPO.PR.S. BPO.PR.R reset to 4.30% in 2021 and the FloatingResets were forcibly converted to the FixedResets.

Canaccord Genuity Group Inc. has announced:

its intention to redeem all of its outstanding Cumulative 5-Year Rate Reset First Preferred Shares, Series A of the Company (the “Series A Preferred Shares”) on October 1, 2026 (“Redemption Date”) by payment in cash at a redemption price equal to $25.00 per share (“Redemption Price”), for an aggregate amount payable to holders of $113.5 million (less any tax required to be deducted or withheld).

Formal notice will be delivered to the sole registered holder of the Series A Preferred Shares in accordance with the terms of the Series A Preferred Shares contained in the Company’s articles. Non-registered holders of the Series A Preferred Shares should contact their broker or other intermediary for information regarding the redemption process for the Series A Preferred Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series A Preferred Shares is Computershare Investor Services Inc. (“Computershare”). Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253 or by email to corporateactions@computershare.com.

As previously announcedon August 6, 2026, the Company’s Board of Directors declared a quarterly dividend of $0.25175 per Series A Preferred Share payable on October 1, 2026 to shareholders of record as of September 18, 2026. This dividend will be paid in the usual manner and will be the final dividend paid on the Series A Preferred Shares.

After the Series A Preferred Shares are redeemed, holders of Series A Preferred Shares will not be entitled to exercise any rights as holders other than to receive the Redemption Price and the Series A Preferred Shares will be delisted from and no longer trade on the Toronto Stock Exchange.

CF.PR.A was issued as a 5.50%+321 FixedReset that commenced trading 2011-6-23 after being announced 2011-6-6. After notice of extension the rate reset to 3.885% in 2016, but there was no conversion to FloatingReset. The issue reset at 4.028% in 2021.

This redemption was unexpected – the issue was up $0.98 (close/close) today to close at 25.18 on volume of 378.90K (consolidated: 433.94K).

Thanks to Assiduous Reader hrseymour for bringing this to my attention!

Ninepoint Partners announced yesterday:

Canadian Large Cap Leaders Split Corp. (the “Company”) is pleased to announce its intention to undertake an offering of Preferred Shares and Class A Shares of the Company (the “Offering”). The Offering will be led by National Bank Financial Inc.

The Preferred Shares will be offered at a price of $10.70 per Preferred Share and the Class A Shares will be offered at a price of $14.30 per Class A Share. The consolidated last trade price of each of the Preferred Shares and the Class A Shares on August 13, 2026 was $10.80 and $14.67, respectively.

The sales period of the Offering will end at 8:30 a.m. EST on August 14, 2026. The Offering is expected to close on or about August 21, 2026 and is subject to certain closing conditions including approval by the TSX.

The net proceeds of the Offering will be used to invest, on an approximately equally-weighted basis, in a portfolio comprised primarily of equity securities of Canadian Dividend Growth Companies (as defined below), selected by the portfolio manager, that at the time of investment and immediately following each periodic reconstitution and rebalancing: (i) are listed on a Canadian exchange; (ii) pay a dividend; (iii) generally have a market capitalization of at least $10 billion; (iv) have options in respect of its equity securities that, in the opinion of the portfolio manager, are sufficiently liquid to permit the portfolio manager to write options in respect of such securities; and (v) have a history of dividend growth or, in the portfolio manager’s view have high potential for future dividend growth (“Canadian Dividend Growth Companies”).

The investment objectives of the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions of $0.1875 per Preferred Share, representing 7.5% per annum on the original issue price of $10.00 per Preferred Share, until February 28, 2029, subject to extension for successive terms of up to five years as determined by the Company’s board of directors (the “Maturity Date”), and return the original issue price to holders on the Maturity Date.

The investment objectives of the Class A Shares are to provide holders with regular monthly non-cumulative cash distributions targeted to be $0.18 per Class A share representing a yield on the issue price of the Class A Shares of 15.1% per annum on the issue price of $14.30 per Class A Share, and the opportunity for growth in the net asset value per Class A Share.

Today, they announced (but not on their website):

Canadian Large Cap Leaders Split Corp. (the “Company”) is pleased to announce that it has completed the overnight marketing of 1,675,300 Preferred Shares and 1,155,300 Class A Shares of the Company for total gross proceeds of $34,446,500 (the “Offering”). The Offering is being led by National Bank Financial Inc. The sale period of this overnight offering has now ended.

The Offering is expected to close on or about August 21, 2026 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (the “TSX”).

The Preferred Shares are being offered at a price of $10.70 per Preferred Share and the Class A Shares are being offered at a price of $14.30 per Class A Share. The consolidated last trade price of each of the Preferred Shares and the Class A Shares on August 13, 2026 was $10.80 and $14.67, respectively.

The net proceeds of the Offering will be used to invest, on an approximately equally-weighted basis, in a portfolio comprised primarily of equity securities of Canadian Dividend Growth Companies (as defined below), selected by the portfolio manager, that at the time of investment and immediately following each periodic reconstitution and rebalancing: (i) are listed on a Canadian exchange; (ii) pay a dividend; (iii) generally have a market capitalization of at least $10 billion; (iv) have options in respect of its equity securities that, in the opinion of the portfolio manager, are sufficiently liquid to permit the portfolio manager to write options in respect of such securities; and (v) have a history of dividend growth or, in the portfolio manager’s view have high potential for future dividend growth (“Canadian Dividend Growth Companies”).

The investment objectives of the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions of $0.1875 per Preferred Share, representing 7.5% per annum on the original issue price of $10.00 per Preferred Share, until February 28, 2029, subject to extension for successive terms of up to five years as determined by the Company’s board of directors (the “Maturity Date”), and return the original issue price to holders on the Maturity Date.

The investment objectives of the Class A Shares are to provide holders with regular monthly non-cumulative cash distributions targeted to be $0.18 per Class A share representing a yield on the issue price of the Class A Shares of 15.1% per annum on the issue price of $14.30 per Class A Share, and the opportunity for growth in the net asset value per Class A Share.

That’s not bad. Another 1.1-million preferred shares, added to the just-over-three-million currently outstanding makes this a fairly respectably sized issue. I will be tracking it on HIMIPref™.

NPS.PR.A was mentioned on PrefBlog when it was downgraded to Pfd-3 from Pfd-3(high) by DBRS.

Thanks to Yomgui for bringing this to my attention!

Brompton Group announced (on 2026-8-11):

Dividend Growth Split Corp. (the “Fund”) is pleased to announce it is undertaking a treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively) (the “Offering”).

The sales period for the Offering will end on Wednesday, August 12, 2026. The Offering is expected to close on or about August 19, 2026 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

The Class A Shares will be offered at a price of $8.75 per Class A Share for a distribution rate of 13.7% on the issue price.(1)(2) The Preferred Shares will be offered at a price of $10.75 per Preferred Share to yield 6.3%.(2) The closing price on the TSX for each of the Class A Shares and Preferred Shares on August 10, 2026 were $8.77 and $10.88, respectively. The Class A Share and Preferred Share Offering prices were determined so as to be non-dilutive to the most recently calculated net asset value (“NAV”) per unit of the Fund (calculated as at August 6, 2026), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the Offering. The Offering is being led by RBC Capital Markets.

The investment objectives for the Class A Shares are to provide holders with regular monthly non-cumulative cash distributions targeted to be at least $0.10 per Class A Share and to provide holders of Class A Shares with the opportunity for growth in the net asset value per Class A Share. Over the past 10 years, the Class A Share has generated a 19.2% per annum return, significantly outperforming the S&P/TSX Composite Total Return Index by 6.7% per annum.(2)

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.16875 per Preferred Share (6.75% per annum on the original $10.00 issue price), and to return the original issue price to holders of Preferred Shares on August 30, 2029.

Over the last 10 years, the Preferred Share has generated a 5.8% per annum return.(2) Purchasers of Preferred Shares in this Offering will be eligible to receive the full August 2026 quarterly dividend of $0.16875 per Preferred Share when the dividend is declared.

The Fund invests in a portfolio (the “Portfolio”) consisting primarily of equity securities of Canadian dividend growth companies. In addition, the Company may hold up to 20% of the total assets of the Portfolio in global dividend growth companies for diversification and improved return potential, at the discretion of Brompton Funds Limited (“Brompton”). In order to qualify for inclusion in the Portfolio, at the time of investment, each dividend growth company included in the Portfolio must have (i) a market capitalization of at least CDN$2.0 billion; and (ii) a history of dividend growth or, in Brompton’s view, have high potential for future dividend growth.

Today they further announced:

Dividend Growth Split Corp. (the “Fund”) is pleased to announce a successful overnight treasury offering of class A shares and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively). Gross proceeds of the offering are expected to be approximately $101.5 million. The offering is expected to close on or about August 19, 2026 and is subject to certain closing conditions. The Fund has granted the Agents (as defined below) an over-allotment option, exercisable for 30 days following the closing date of the offering, to purchase additional Class A Shares and Preferred Shares up to such number as is equal to 15% of the number of Class A Shares issued at the closing of the offering.

The Class A Shares were offered at a price of $8.75 per Class A Share for a distribution rate of 13.7%(1)(2) on the issue price, and the Preferred Shares were offered at a price of $10.75 per Preferred Share to yield 6.3%.(2)

The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc., and Scotiabank and included Hampton Securities Limited, Canaccord Genuity Corp., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., CI Investment Services Inc., Manulife Wealth Inc., Research Capital Corporation, Ventum Financial Corp., and Wellington-Altus Private Wealth Inc.

The Fund invests in a portfolio (the “Portfolio”) consisting primarily of equity securities of Canadian dividend growth companies. In addition, the Company may hold up to 20% of the total assets of the Portfolio in global dividend growth companies for diversification and improved return potential, at the discretion of Brompton Funds Limited (“Brompton”). In order to qualify for inclusion in the Portfolio, at the time of investment, each dividend growth company included in the Portfolio must have (i) a market capitalization of at least CDN$2.0 billion; and (ii) a history of dividend growth or, in Brompton’s view, have high potential for future dividend growth.

DGS.PR.A pays 6.75% on its $10 par value. It is scheduled to mature at par on 2029-8-30.

Thanks to Assiduous Reader Yomgui for bringing this to my attention!

Intact Financial Corporation has announced:

that it has agreed to issue $250 million aggregate principal amount of 6.133% Limited Recourse Capital Notes, Series 3 (Subordinated Indebtedness) due September 30, 2086 (the “LRCNs”) by way of private placement to accredited investors in Canada (the “Private Placement”).

Intact also announced that it has sent today to the sole registered holder of its 10,000,000 Non-cumulative Rate Reset Class A Shares Series 3 (the “Series 3 Preferred Shares”) a formal notice and instructions for the redemption of the Series 3 Preferred Shares. Intact will redeem the Series 3 Preferred Shares as of September 30, 2026, upon payment of a redemption price equal to $25.00 per share, together with declared and unpaid dividends to, but excluding, the date of redemption. Non-registered holders of Series 3 Preferred Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 3 Preferred Shares in which they hold a beneficial interest. Intact’s transfer agent for the Series 3 Preferred Shares is Computershare Investor Services Inc. (“Computershare”). Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253 corporateactions@computershare.com.

Following the redemption on September 30, 2026, the Series 3 Preferred Shares will be delisted from, and no longer trade on, the Toronto Stock Exchange (“TSX”).

The LRCNs will be direct unsecured obligations of Intact and will be subordinated to all senior indebtedness of Intact and effectively subordinated to all indebtedness and obligations of Intact’s subsidiaries. The LRCNs will bear interest at a fixed annual rate of 6.133% until September 30, 2031 and the interest rate will reset on that date and on every fifth anniversary of such date until the maturity date at a fixed interest rate per annum equal to the Government of Canada Yield on the business day prior to such interest reset day plus 2.75%. In connection with the issuance of the LRCNs, Intact will issue 250,000 Non-Cumulative Rate Reset Class A Shares, Series 15 (the “Series 15 Preferred Shares”) to be held by Computershare Trust Company of Canada, as trustee of IFC LRCN Trust (the “Limited Recourse Trust”). In case of non-payment of interest on or the principal or redemption price of the LRCNs when due, the recourse of each holder of LRCNs will be limited to that holder’s proportionate share of the Limited Recourse Trust’s assets in respect of the LRCNs, which will consist of the Series 15 Preferred Shares except in limited circumstances.

Intact may redeem the LRCNs in whole or in part, at its option, during the period from August 31 to and including September 30, commencing in 2031 and every five years thereafter, on payment of a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date of redemption.

Intact intends to use the net proceeds from the Private Placement for general corporate purposes, in order to subscribe for shares of one or more subsidiaries of Intact, in order to repay all or a portion of any amounts previously borrowed by Intact, in order to redeem all or a portion of any preferred shares previously issued by Intact or any combination thereof.

The LRCNs are being offered on a best efforts basis through a syndicate co-led by CIBC Capital Markets and Scotiabank. The LRCNs are expected to be issued on or about August 24, 2026. Closing of the Private Placement is subject to certain customary conditions.

IFC.PR.C was issued as a FixedReset, 4.20%+266, that commenced trading 2011-8-18 after being announced 2011-8-9. It reset to 3.332% in 2016 and there was a 16% conversion to the FloatingReset IFC.PR.D. IFC.PR.C reset to 3.457% in 2021 and there was a forced conversion from IFC.PR.D back to IFC.PR.C.

Thanks to skeptical111 for bringing this to my attention!

BCE Inc. has announced (on 2026-7-22):

that all of its floating-rate Cumulative Redeemable First Preferred Shares, Series AJ (“Series AJ Preferred Shares”) will be converted on August 4, 2026, on a one-for-one basis, into fixed-rate Cumulative Redeemable First Preferred Shares, Series AI (“Series AI Preferred Shares”).

On June 16, 2026, notice was provided that holders of Series AI Preferred Shares could elect to convert their shares into Series AJ Preferred Shares and that holders of Series AJ Preferred Shares could elect to convert their shares into Series AI Preferred Shares, subject to the terms and conditions attached to those shares. A total of 1,875 of BCE’s 8,584,140 Series AI Preferred Shares were tendered for conversion on August 4, 2026, on a one-for-one basis, into Series AJ Preferred Shares. In addition, a total of 1,976,448 of BCE’s 3,514,957 Series AJ Preferred Shares were tendered for conversion on August 4, 2026, on a one-for-one basis, into Series AI Preferred Shares. As this would result in there being less than 2,000,000 Series AJ Preferred Shares outstanding, all remaining Series AJ Preferred Shares not tendered for conversion will, as per the terms and conditions attached to those shares, be automatically converted into Series AI Preferred Shares on August 4, 2026.

Registered shareholders who had elected to convert their Series AI Preferred Shares will have the share certificates representing the number of Series AI Preferred Shares tendered for conversion returned to them by TSX Trust Company.

The Series AI Preferred Shares will pay on a quarterly basis, for the five-year period beginning on August 4, 2026, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual fixed dividend rate of 5.10%. The Series AI Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbol BCE.PR.I.

The reset of BCE.PR.I to 5.10% was previously reported on PrefBlog. BCE.PR.I is the FixedFloater; BCE.PR.J was the RatchetRate.