Nova Scotia Power Incorporated has announced:
that effective October 15, 2015 (the “Redemption Date”) the Company will redeem all of its outstanding Cumulative Redeemable First Preferred Shares, Series D (the “Series D Shares”) for a redemption price of $25.00 per share. In addition, on July 10, 2015, the Company declared a dividend on the Series D Shares in the amount of $0.36875 per share for the quarter ending on September 30, 2015. The dividend will be paid in the usual manner on October 15, 2015 to holders of record on October 1, 2015.
Beneficial holders of the Series D Shares should contact the financial institution, broker or other intermediary through which they hold the Series D Shares to confirm how they will receive their redemption proceeds.
After the Redemption Date, holders of the Series D Shares will cease to be entitled to dividends or to exercise any rights of shareholders.
NSI.PR.D was mentioned last week on PrefBlog when S&P put the company on Outlook-Negative due to fears that its parent Emera, was overextending itself with an acquisition.
NSI.PR.D is a rather odd issue; it pays a flat rate of $1.475, which is 5.90% of par, was issued 2000-10-27 and becomes callable for the first time at par 2015-10-15. That’s a nice long lock-out period! Further, commencing 2016-01-15 it becomes retractible at $24.75 which is the odd part of the deal. Nice to have, certainly, and while the sub-par retraction price does make sense, I can’t think of any other issue that works this way. However, it will soon be off the books and I won’t have to worry about it any more.
This entry was posted on Monday, September 14th, 2015 at 11:10 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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NSI.PR.D To Be Redeemed
Nova Scotia Power Incorporated has announced:
NSI.PR.D was mentioned last week on PrefBlog when S&P put the company on Outlook-Negative due to fears that its parent Emera, was overextending itself with an acquisition.
NSI.PR.D is a rather odd issue; it pays a flat rate of $1.475, which is 5.90% of par, was issued 2000-10-27 and becomes callable for the first time at par 2015-10-15. That’s a nice long lock-out period! Further, commencing 2016-01-15 it becomes retractible at $24.75 which is the odd part of the deal. Nice to have, certainly, and while the sub-par retraction price does make sense, I can’t think of any other issue that works this way. However, it will soon be off the books and I won’t have to worry about it any more.
This entry was posted on Monday, September 14th, 2015 at 11:10 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.