PrefBlog

I got word of another new issue today – “Power Financial Corporation Non-Cumulative First Preferred Shares Series L”

 Dividend rate of 5.1%.

Callable commencing October 31, 2011 @ $26, declining by $0.25 annually until October 31, 2015 – callable afterwards at $25.00. It’s a perpetual issue – no retractions!

The issuer can purchase shares for cancellation (i) at any price prior to 2011-10-31, and (ii) for less than the contemporary redemption price afterwards.

Rated Pfd-1(low) by DBRS – same as the big banks (other than CIBC!).

 8-million shares worth $200-million.

 Payment and delivery is “on or about August 4, 2006”.

 This one looks pretty good, based on the information at hand. I’ll be preparing a press release as soon as the prospectus is available and I’m sure of my ground.

Update & Bump : So the press release has been issued. I like this issue … I think it will go to an immediate premium over issue price.

This entry was posted on Friday, July 21st, 2006 at 4:00 pm and is filed under New Issues. 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.