PWF.PR.J to be Redeemed

Power Financial Corporation has announced:

that it intends to redeem all $150 million of its outstanding 4.70% Non-Cumulative First Preferred Shares, Series J on July 30, 2010.

In accordance with the terms of the Series J Shares, the redemption price will be $25.50 for each Series J share plus an amount equal to all declared and unpaid dividends, net of any tax required to be withheld by the Corporation.

A notice of the redemption of the Series J Shares will be provided in accordance with the rights, privileges and conditions attached to the Series J Shares.

PWF.PR.J commenced trading in March, 2003, and was scheduled to become callable at par commencing 2012-4-30. It was last mentioned on PrefBlog in early 2007, after GWO bought Putnam.

PWF.PR.J is a member of the rapidly shrinking Operating Retractible index and closed last night at 25.80-85, with a negative Yield-to-Worst.