FN.PR.A Plummets on Derisory Volume

First National has announced:

the closing of its previously announced offering of 4,000,000 Class A Preference Shares, Series 1 (the “Series 1 Shares”) for gross proceeds of $100,000,000 (the “Offering”).

The net proceeds of the Offering will be used to repay current indebtedness as well as for general corporate purposes.

The Series 1 Shares will commence trading on the Toronto Stock Exchange on January 25, 2011 under the symbol FN.PR.A.

The Offering was completed through a syndicate of underwriters led by RBC Capital Markets and Scotia Capital Inc.

This is a FixedReset 4.65%+207 announced on January 17.

The issue traded 4,030 shares today in a range of 24.45-50 before closing at 24.35-50, 9×125.

Vital Statistics are:

Maturity Type : Limit Maturity
Maturity Date : 2041-01-25
Maturity Price : 24.30
Evaluated at bid price : 24.35
Bid-YTW : 4.80 %

FN.PR.A will be tracked by HIMIPref™, but relegated to the Scraps index on credit concerns.

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