PrefBlog

Domtar has announced:

that it sent on November 21, 2007 notices of redemption to the registered holders of all of its Series A Preferred Shares and Series B Preferred Shares. In accordance with the share provisions applicable to such Preferred Shares and the notices of redemption, the Series A Preferred Shares will be redeemed on December 21, 2007 at Canadian $25.4932 per Series A Preferred Share, representing the redemption price of Canadian $25.00 plus accrued dividends of Canadian $0.4932, accruing as of and from October 2, 2007 (being the last dividend payment date). The Series B Preferred Shares will be redeemed on December 21, 2007 at Canadian $25.2466 per Series B Preferred Share, representing the redemption price of Canadian $25.00 plus accrued dividends of Canadian $0.2466, accruing as of and from October 2, 2007 (being the last dividend payment date).

Neither issue is tracked by HIMIPref™. They were very tiny issues:

Preferred Shares Series “A”

Cusip: 257561308 The Series A Preferred shares are non-voting and redeemable at the Corporation’s option at $25.00 per share since April 1, 1994. These shares carry a cumulative cash dividend per share of $2.25 per annum.As at December 31, 2006, the Corporation had a total of 67,476 Series A Preferred shares outstanding.

 

Preferred Shares Series “B”

Cusip: 257561407 The Series B Preferred shares are non-voting and redeemable at the Corporation’s option at $25.00 per share. These shares carry a cumulative cash dividend equivalent to 72% of the bank prime rate.

As at December 31, 2006, the Corporation had a total of 1,245,000 Series B Preferred shares outstanding.

The issues’ last rating change was a downgrade to Pfd-5(high) from Pfd-4 by DBRS on April 13, 2006. S&P has had them at P-4(low) since December 1, 2005.

This entry was posted on Thursday, November 22nd, 2007 at 11:40 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.