EPCOR Preferred Equity has announced (and its parent, EPCOR, has confirmed, in case anybody’s worried there’s a rogue treasurer on the loose):
its intention to redeem all of the outstanding Cumulative Redeemable First Preferred Shares, Series I (“the Preferred Shares”) on September 30, 2007 at a redemption price of $25.00 per Preferred Share. The Preferred Shares were issued to investors by EPCOR Preferred Equity Inc. on September 27, 2002.
EPCOR will fund the redemption from cash balances and funds available under its revolving credit facilities.
Eight-million of these shares were outstanding, rated Pfd-2(low) by DBRS.
According to EPCOR, EPCOR Preferred Equity
was established for the purpose of raising equity capital, on a consolidated basis, for EPCOR Utilities Inc., its parent corporation. In turn, the capital is used to provide loan financing to other subsidiaries of EPCOR Utilities Inc.
This issue has not been included in the HIMIPref™ universe.
Update 2007-09-11: The headline previously referred to this issue as “EPE.PR.E”. This error has now been corrected.
This entry was posted on Friday, August 10th, 2007 at 8:00 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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EPE.PR.A to be redeemed
EPCOR Preferred Equity has announced (and its parent, EPCOR, has confirmed, in case anybody’s worried there’s a rogue treasurer on the loose):
Eight-million of these shares were outstanding, rated Pfd-2(low) by DBRS.
According to EPCOR, EPCOR Preferred Equity
This issue has not been included in the HIMIPref™ universe.
Update 2007-09-11: The headline previously referred to this issue as “EPE.PR.E”. This error has now been corrected.
This entry was posted on Friday, August 10th, 2007 at 8:00 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.