PrefBlog

Canadian Utilities has announced:

it has closed its previously announced public offering of Cumulative Redeemable Second Preferred Shares Series BB, by a syndicate of underwriters co-led by RBC Capital Markets and BMO Capital Markets, and including TD Securities Inc. and Scotiabank. Canadian Utilities Limited issued 6,000,000 Series BB Preferred Shares for gross proceeds of $150 million. The Series BB Preferred Shares will begin trading on the TSX today under the symbol CU.PR.E. The proceeds will be used to fund the previously announced redemption of all of the outstanding Cumulative Redeemable Second Preferred Shares Series W of Canadian Utilities Limited.

CU.PR.E is a Straight Perpetual paying 4.90%, announced June 18. It will be tracked by HIMIPref™ and assigned to the PerpetualPremium sub-index.

The issue traded 831,122 shares on its opening day, July 5, and closed at a healthy 25.23-35.

Vital statistics are:

Update: Rated Pfd-2(high) by DBRS.

This entry was posted on Friday, July 6th, 2012 at 8:21 pm 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.