This issue actually settled on August 30, but I neglected to post.
Westcoast Energy Inc. has announced:
that it has closed its previously announced offering of 12,000,000 Cumulative 5-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 12 (the “Series 12 First Preferred Shares”) at a price of $25.00 per Series 12 First Preferred Share for aggregate gross proceeds of $300,000,000. The offering was made through a syndicate of underwriters led by TD Securities Inc. and CIBC Capital Markets.
The proceeds are expected to be used to fund capital expenditures and for general corporate purposes.
The Series 12 First Preferred Shares will begin trading on the Toronto Stock Exchange today under the symbol “W.PR.M”.
W.PR.M will be tracked by HIMIPref™; it has been assigned to the FixedResets subindex.
The issue traded 1,764,113 in a range of 25.23-34 before closing at 25.29-32.
Vital statistics on August 30 were:
| W.PR.M | FixedReset | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.29 Bid-YTW : 4.98 % |