TransAlta Corporation has announced:
that after taking into account all election notices received by the September 15, 2017 deadline for the conversion of the Cumulative Redeemable Rate Reset Preferred Shares, Series E (the “Series E Shares”) into Cumulative Redeemable Floating Rate Preferred Shares, Series F (the “Series F Shares”), there were 133,969 Series E Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series F Shares. As a result, none of the Series E Shares will be converted into Series F Shares on September 30, 2017.
It will be recalled that TA.PR.H will reset at 5.194% and that I recommended against conversion.
As a result of all this TA.PR.H is now a FixedReset, 5.194%+365, that commenced trading 2012-8-10 with a 5.00% coupon after being announced 2012-8-2. The issue is tracked by HIMIPref™ but has been assigned to the Scraps index on credit concerns.
[…] after being announced 2012-8-2. It reset to 5.194% in 2017; I recommended against conversion; and there was no conversion. The issue is tracked by HIMIPref™ but has been assigned to the Scraps index on credit […]