And thick and fast they came at last, and more and more and more!
Power Corporation has announced:
that it has agreed to issue 6,000,000 Non-Cumulative First Preferred Shares, Series G (the “Series G Shares”) on a bought deal basis, for gross proceeds of $150 million. The Series G Shares will be priced at $25.00 per share and will carry an annual dividend yield of 5.60%. Closing is expected on or about February 28, 2012. The issue will be underwritten by a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotiabank.
Power Corporation of Canada has also granted the underwriters an option to purchase an additional 2,000,000 Series G Shares at the same offering price. Should the underwriters’ option be exercised fully, the total gross proceeds of the Series G Share offering will be $200 million.
Proceeds from the issue will be used to supplement the Corporation’s financial resources and for general corporate purposes.
SLF tomorrow???
any idea what the status is of the new bna issue mentioned in the pref letter? i thought they were supposed to show up in jan.
any idea what the status is of the new bna issue mentioned in the pref letter?
This was not a public issue – it was done as a swap against capital units, held solely by BAM Investments; see the post about the BNA Annual Report and the Press Release of 2011-12-22.
The dilution has been reflected in the reported NAV for 2012-1-31.
also, given that there would still be time to retire them before 2022, do you think that we’ll see a bunch of bank fixed reset new issues in the near future to replace some of the +400 point ones that are coming due in 2014?
“This was not a public issue”….right, thanks
given that there would still be time to retire them before 2022, do you think that we’ll see a bunch of bank fixed reset new issues in the near future to replace some of the +400 point ones that are coming due in 2014?
I feel quite certain that the banks will return to market in the future – but at the moment they are awash in capital; most of it high quality equity capital.
Any new issues will have the NVCC clause, making the 2022 deadline for non-NVCC issues not applicable.
Hi James, Do you know what the symbol is for this new issue ?
Thanks
POW.PR.G
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