PWF.PR.M To Be Redeemed

As noted in the new issue report, Power Financial Corporation has announced:

The Corporation intends to redeem all of its $175 million First Preferred Shares, Series M on January 31, 2014 upon completion of the Series T offering.

Nice! PWF.PR.M is a FixedReset, 6.00%+320 (announced in November, 2008, when the market was going vertical and not in a nice way), while the new issue is 4.20%+237 … so the company is saving 180bp on the difference in initial dividend and will save 93bp on all future resets.

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