PrefBlog

Quadravest has announced (on 2024-9-18):

Dividend 15 Split Corp. II (the “Company”) is pleased to announce an increase in the Preferred share dividend rate to 7.00% from 5.75% on the $10.00 repayment value for the new five-year term effective December 1, 2024. The Preferred Share monthly dividends will be $0.05833 per share or $0.70 per annum and the new distribution rate represents an increase of $0.13 per annum from the previous rate. Preferred shareholders have received a total of $9.58 per share in distributions since inception. The dividend policy for the Class A Shares will remain at the current targeted rate of $0.10 per month, or $1.20 per annum.

A previously announced on March 12, 2024 the Company will extend the termination date a further five year period from December 1, 2024 to December 1, 2029. In relation to the term extension and the Preferred Share rate increase, the Company has an additional retraction right for those shareholders not wishing to continue holding their investment, allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 29, 2024 net asset value per unit. Alternatively, shareholders may sell their shares for the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their shares.

The Company invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, TorontoDominion Bank, National Bank of Canada, CI Financial Corp., BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS Corporation, Thomson Reuters Corporation, TransAlta Corporation, TC Energy Corporation.

The extension announcement was previously reported.

Thanks to Assiduous Reader RAV4guy for bringing this to my attention!

Quadravest has announced:

TDb Split Corp. (the “Company”) is pleased to announce an increase in the Priority Equity Share dividend rate to 7.00% from 5.25% on the $10.00 repayment value for the new five-year term effective December 1, 2024. The Priority Equity Share monthly dividends will be $0.05833 per share or $0.70 per annum and the new distribution rate represents an increase of $0.18 per annum from the previous rate. Priority Equity shareholders have received a total of $8.96 per share in distributions since inception. The dividend policy for the Class A Shares will remain at the current targeted rate of $0.05 per month, or $0.60 per annum.

As previously announced on March 12, 2024, the Company will extend the termination date a further five year period from December 1, 2024 to December 1, 2029. In relation to the term extension and the Priority Equity Share rate increase, the Company has an additional retraction right for those shareholders not wishing to continue holding their investment, allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 29, 2024 net asset value per unit. Alternatively, shareholders may sell their shares for the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their shares.

The Company invests in common shares of Toronto-Dominion Bank, a leading Canadian Financial institution.

The term extension was previously reported on PrefBlog.

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

Quadravest has announced:

Canadian Life Companies Split Corp. (the “Company”) is pleased to announce an increase in the Preferred Share dividend rate for the new six year term effective December 1, 2024. Payments will be made at the greater of 7.00% (previously 6.50%) or Prime plus 2% with a maximum of 9.00% (previously 8.00%) based on the $10.00 repayment value. The new distribution rate represents a potential increase of $0.10 per annum from the previous maximum rate. Preferred shareholders have received a total of $11.82 per share in distributions since inception. The dividend policy for the Class A Shares will remain at the current targeted rate of $0.10 per month, or $1.20 per annum.

As previously announced on March 12, 2024 the Company will extend the termination date a further six year period from December 1, 2024 to December 1, 2030. In relation to the term extension and the Preferred Share rate increase, the Company has an additional retraction right for those shareholders not wishing to continue holding their investment, allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 29, 2024 net asset value per unit. Alternatively, shareholders may sell their shares for the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their shares.

The Company invests in a portfolio of four publicly traded Canadian life insurance companies as follows: Great‐West Lifeco Inc., Industrial Alliance Insurance & Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc.

The term extension is described here.

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

Quadravest has announced:

Financial 15 Split Corp. (the “Company”) announces that in keeping with current market rates for preferred shares with similar terms, the Preferred Share (“FTN.PR.A”) dividend rate for the fiscal year commencing December 1, 2024 will be set at 8.50% (previously 9.25%). Monthly payments to FTN.PR.A will be $0.07083 per share for an annual yield of 8.50% on their $10.00 redemption value.

The Company invests in an actively managed, high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows:

Bank of Montreal	National Bank of Canada	Bank of America Corp.
The Bank of Nova Scotia	Manulife Financial Corporation	Citigroup Inc.
Canadian Imperial Bank of Commerce	Sun Life Financial Inc.	Goldman Sachs Group Inc.
Royal Bank of Canada	Great-West Lifeco Inc.	JP Morgan Chase & Co.
The Toronto-Dominion Bank	CI Financial Corp.	Wells Fargo & Co.

FTN.PR.A has a minimum reset rate of 5.50%, commencing in 2020. Actual rates have been, in order, 6.75%, 6.75%, 7.50% and 9.25%.

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

Quadravest has announced:

North American Financial 15 Split Corp. (the “Company”) is pleased to announce that the minimum annual dividend rate for the Preferred Shares will increase to 7.00% from 5.5% for the new five year term effective December 1, 2024. The payment rate that may be reset annually, subject to the five year minimum, will be set at 8.75% (previously 9.50%) per annum effective December 1, 2024 based on the $10.00 repayment value. The Preferred shareholders have received a total of $11.38 per share in distributions since inception. The dividend policy for the Class A Shares will remain at the current targeted rate of $0.11335 per month, or $1.36 per annum.

As previously announced on March 12, 2024 the Company will extend the termination date of the Company a further five year period from December 1, 2024 to December 1, 2029. In relation to the term extension, the Company has an additional retraction right for those shareholders not wishing to continue holding their investment, allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 29, 2024 net asset value per unit. Alternatively, shareholders may sell their shares for the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to
hold their shares.

The Company invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.

Notice of extension was provided last March.

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

Quadravest has announced:

Dividend 15 Split Corp. (the “Company”) is pleased to announce an increase in the Preferred Share dividend rate to 7.00% from 5.50% on the $10.00 repayment value for the new five-year term effective December 1, 2024. The Preferred Share monthly dividends will be $0.05833 per share or $0.70 per annum and the new distribution rate represents an increase of $0.15 per annum from the previous rate. Preferred shareholders have received a total of $10.86 per share in distributions since inception. The dividend policy for the Class A Shares will remain at the current targeted rate of $0.10 per month, or $1.20 per annum.

As previously announced on March 12, 2024 the Company will extend the termination date a further five year period from December 1, 2024 to December 1, 2029. In relation to the term extension and the Preferred Share rate increase, the Company has an additional retraction right for those shareholders not wishing to continue holding their investment, allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 29, 2024 net asset value per unit. Alternatively, shareholders may sell their shares for the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their shares.

The Company invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, TorontoDominion Bank, National Bank of Canada, CI Financial Corp., BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS Corporation, Thomson Reuters Corporation, TransAlta Corporation, TC Energy Corporation.

Notice of extension of this issue was provided last May.

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

Enbridge Inc. has announced (long ago, I am shamed to admit: 2023-5-17):

that 1,827,695 of its outstanding Cumulative Redeemable Preference Shares, Series F (Series F Shares) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Preference Shares, Series G of Enbridge (Series G Shares), effective on June 1, 2023. As a result, on June 1, 2023, Enbridge will have 18,172,305 Series F Shares and 1,827,695 Series G Shares issued and outstanding.

The Series F Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol ENB.PR.F. The TSX has conditionally approved the listing of the Series G Shares effective upon conversion. The Series G Shares will begin trading on the TSX on June 1, 2023, subject to the fulfillment of all the listing requirements of the TSX.

ENB.PR.F was issued as a 4.00%+251 FixedReset that commenced trading 2012-1-18 after being announced 2012-1-9. It reset to 4.689% in 2018. I recommended against conversion; there was no conversion. It reset to 5.538% in 2023. The issue is tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns (as of 2023-5-17; upgraded by DBRS to Pfd-2(low) in June, 2024).

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

Partners Value Split Corp. has announced:

its intention to redeem all 4,023,763 of its outstanding Class AA Preferred Shares, Series 8 (“Preferred Shares, Series 8”) for cash on September 30, 2024 (the “Redemption Date”) in accordance with the terms of the Preferred Shares, Series 8.

The redemption price per Preferred Share, Series 8 will be equal to C$25.00 per share plus accrued and unpaid dividends of C$0.10 per share to September 30, 2024 representing total redemption price of C$25.10 per share (the “Redemption Price”).

Notice will be delivered to holders of the Preferred Shares, Series 8 in accordance with the terms of the Preferred Shares, Series 8.

From and after the Redemption Date, the Preferred Shares, Series 8 will cease to be entitled to dividends or any other participation in any distribution of the assets of the Company and the holders thereof shall not be entitled to exercise any of their rights as shareholders in respect thereof except to receive the Redemption Price (less any tax required to be deducted and withheld by the Company). After the redemption of the Preferred Shares, Series 8, the Company will consolidate the existing capital shares held by Partners Value Investments Inc. so that there are an equal number of preferred shares and capital shares outstanding.

PVS.PR.F was issued as a SplitShare, 4.80%, maturing 2024-9-30, which commenced trading 2017-9-18 after being announced 2017-09-07. There was a partial redemption effective 2024-5-31. The issue is tracked by HIMIPref™ and has been assigned to the SplitShare subindex.

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