ALA.PR.E : No Conversion to FloatingReset

AltaGas Ltd. has announced:

that after having taken into account all conversion notices received from holders of its outstanding Cumulative Redeemable Five-Year Rate Reset Preferred Shares, Series E (the “Series E Shares”) by the December 17, 2018 deadline, less than the 1,000,000 Series E Shares required to give effect to conversions into Cumulative Redeemable Floating Rate Preferred Shares, Series F of AltaGas (the “Series F Shares”) were tendered. As a result, none of AltaGas’ outstanding Series E Shares will be converted into Series F Shares on December 31, 2018.

ALA.PR.E is a FixedReset, 5.00%+317, that commenced trading 2013-12-13 after being announced 2013-12-4. The 2018-11-28 notice of extension was reported on PrefBlog. The issue is tracked by HIMIPref™ but is relegated to the Scraps – FixedReset Discount subindex due to credit concerns.

It will reset at 5.393% effective December 31, 2018. I recommended against conversion.

One Response to “ALA.PR.E : No Conversion to FloatingReset”

  1. […] issue reset at 5.393% effective December 31, 2018. I recommended against conversion and there was no conversion. The issue is tracked by HIMIPref™ but is relegated to the Scraps – FixedReset Discount […]

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