CU.PR.I : No Conversion To FloatingReset

Canadian Utilities Limited has announced (on November 23):

that after having taken into account all election notices following the conversion deadline for the Cumulative Redeemable Second Preferred Shares Series FF (“Series FF Preferred Shares”) tendered for conversion into Cumulative Redeemable Second Preferred Shares Series GG (“Series GG Preferred Shares”), the holders of Series FF Preferred Shares are not entitled to convert their Series FF Preferred Shares into Series GG Preferred Shares. There were approximately 1,000 Series FF Preferred Shares tendered for conversion, which is less than the two million shares required to give effect to conversions into Series GG Preferred Shares.

The Series FF Preferred Shares will continue to pay on a quarterly basis, for the five-year period from and including December 1, 2020 to but excluding December 1, 2025, as and when declared by the Board of Directors of Canadian Utilities Limited, a fixed dividend based on an annual dividend rate of 4.50%.

For more information on the terms of, and risks associated with an investment in, the Series FF Preferred Shares, please see Canadian Utilities Limited’s prospectus supplement dated September 16, 2015, which can be found under Canadian Utilities Limited’s profile on SEDAR at

CU.PR.I is a FixedReset, 4.50%+369M450, that commenced trading 2015-9-24 after being announced 2015-9-14. The issue reset to its minimum rate of 4.50% (unchanged) effective 2020-12-1. It is tracked by HIMIPref™ and is assigned to the FixedReset-Premium subindex.

Leave a Reply

You must be logged in to post a comment.