Scotia Managed Companies has announced:
NewGrowth Corp. (the “Company”) is pleased to announce that is has completed its public offering of Class B preferred shares, series 3 (“Preferred Shares”) and Class A capital shares (“Capital Shares”), raising $91,796,616 through the issuance of 2,644,235 Preferred Shares and 165,000 Capital Shares at a price per share of $32.07 and $42.40, respectively. In addition, the Company has redeemed all of its outstanding Class B preferred shares, series 2. The Preferred Shares and Capital Shares were offered to the public on a best efforts basis by a syndicate of agents led by Scotiabank which included CIBC, TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Burgeonvest Bick Securities Limited, Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated.
NewGrowth Corp. is a mutual fund corporation created to invest its assets in common shares of selected large capitalization Canadian companies (the “Portfolio Shares”) with growth potential and an attractive dividend yield in order to generate dividend income for holders of its preferred shares and to enable the holders of the Company’s Capital Shares to participate in any capital appreciation in the Portfolio Shares.
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NEW.PR.D is a SplitShare, 4.15%, maturing 2019-6-26. Regrettably, it is redeemable every June 26 until maturity at par; this adds a certain amount of risk to secondary market trading, as the asymmetry of potential returns is increased. This issue has been rated Pfd-2 by DBRS.
The issue will be tracked by HIMIPref™ and has been assigned to the SplitShare subindex.
NEW.PR.D traded 34,250 shares today in a range of 32.10-40 before closing at 32.30-75, 26×3. Vital statistics are:
| NEW.PR.D |
SplitShare |
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2015-06-26
Maturity Price : 32.07
Evaluated at bid price : 32.30
Bid-YTW : 3.44 % |
This entry was posted on Thursday, June 26th, 2014 at 10:35 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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NEW.PR.D Reaches Significant Premium on First Day Out
Scotia Managed Companies has announced:
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NEW.PR.D is a SplitShare, 4.15%, maturing 2019-6-26. Regrettably, it is redeemable every June 26 until maturity at par; this adds a certain amount of risk to secondary market trading, as the asymmetry of potential returns is increased. This issue has been rated Pfd-2 by DBRS.
The issue will be tracked by HIMIPref™ and has been assigned to the SplitShare subindex.
NEW.PR.D traded 34,250 shares today in a range of 32.10-40 before closing at 32.30-75, 26×3. Vital statistics are:
Maturity Type : Call
Maturity Date : 2015-06-26
Maturity Price : 32.07
Evaluated at bid price : 32.30
Bid-YTW : 3.44 %
This entry was posted on Thursday, June 26th, 2014 at 10:35 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.