Northland Power Inc. has announced:
that 1,498,435 of its 6,000,000 Cumulative Rate Reset Preferred Shares, Series 1 (“Series 1 Shares”) have been converted on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series 2 (the “Series 2 Shares”). Consequently, effective today Northland will have 4,501,565 Series 1 Shares and 1,498,435 Series 2 Shares issued and outstanding.
The Series 1 Shares are listed on the Toronto Stock Exchange under the symbol “NPI.PR.A” and the Series 2 Shares are listed on the Toronto Stock Exchange under the symbol “NPI.PR.B”.
NPI.PR.A is a FixedReset, currently (after reset) 3.51%+280. NPI.PR.B is its FloatingReset Strong Pair, paying three-month bills +280. Both issues will be tracked by HIMIPref™, both relegated to the Scraps index on credit concerns.
The conversion ratio was 25.0% after my recommendation not to convert.
Vital statistics are:
| NPI.PR.A |
FixedReset |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2045-09-30
Maturity Price : 14.41
Evaluated at bid price : 14.41
Bid-YTW : 6.22 % |
| NPI.PR.B |
FloatingReset |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2045-09-30
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.74 % |
NPI.PR.B did not trade any shares today on any of the consolidated exchanges, so the quote of 14.00-50 should be taken with a grain of salt!
However:
Click for BigThe NPI.PR.A / NPI.PR.B Strong Pair predicts an average three month bill rate of 0.28% over the next five years – well above the average for investment-grade pairs.
This entry was posted on Thursday, October 1st, 2015 at 2:50 am 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.
NPI.PR.B Listed: 25% Conversion
Northland Power Inc. has announced:
NPI.PR.A is a FixedReset, currently (after reset) 3.51%+280. NPI.PR.B is its FloatingReset Strong Pair, paying three-month bills +280. Both issues will be tracked by HIMIPref™, both relegated to the Scraps index on credit concerns.
The conversion ratio was 25.0% after my recommendation not to convert.
Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2045-09-30
Maturity Price : 14.41
Evaluated at bid price : 14.41
Bid-YTW : 6.22 %
Maturity Type : Limit Maturity
Maturity Date : 2045-09-30
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.74 %
NPI.PR.B did not trade any shares today on any of the consolidated exchanges, so the quote of 14.00-50 should be taken with a grain of salt!
However:
Click for Big
The NPI.PR.A / NPI.PR.B Strong Pair predicts an average three month bill rate of 0.28% over the next five years – well above the average for investment-grade pairs.
This entry was posted on Thursday, October 1st, 2015 at 2:50 am 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.