ALB.PR.A Considering Reorg Potential

Allbanc Split Corp. II has announced:

The Company announced today that its Board of Directors has retained Scotia Capital to advise the Company on a possible extension and reorganization of the Company. There is no guarantee that after such review an extension will be proposed or if proposed, will be approved by shareholders.

It will be convenient for the company to work with Scotia Capital, seeing as how they’re the sponsor!

ALB.PR.A is scheduled to mature 2011-2-28. In a reorganization it could be refunded or extended – it could go either way, but given that the issue yield is only 4.25% – and it’s trading above par! – I suggest that an attempt to extend is likely. But we will see!

ALB.PR.A was last mentioned on PrefBlog when there was a partial call for redemption. ALB.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.

This entry was posted on Wednesday, August 4th, 2010 at 12:17 am 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.

One Response to “ALB.PR.A Considering Reorg Potential”

  1. ALB.PR.A Reorganization Proposal: Shares to be Refunded « PrefBlog says:
    October 7, 2010 at 10:02 pm

    […] was last mentioned on PrefBlog when the company announced it was considering reorganizing. ALB.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit […]

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