Canadian Utilities Limited has announced:
it has closed its previously announced public offering of Cumulative Redeemable Second Preferred Shares Series HH, by a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets, and including TD Securities Inc., Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., and iA Private Wealth Inc. Canadian Utilities Limited issued 7,000,000 Series HH Preferred Shares for gross proceeds of $175,000,000. The Series HH Preferred Shares will begin trading on the TSX today under the symbol CU.PR.J. The proceeds will be used to increase the Corporation’s cash position to allow for operational flexibility and may be used in the future to repay indebtedness and to bolster liquidity.
Canadian Utilities Limited has granted the Underwriters an option, exercisable, in whole or in part, at any time until and including 30 days following the closing of the Offering, to purchase, at the offering price, an additional 1,050,000 Series HH Preferred Shares, to cover over-allotments, if any. Should the option be fully exercised, the total gross proceeds of the Series HH Preferred Share offering will be $201,250,000.
DBRS rates it Pfd-2(high):
DBRS Limited (DBRS Morningstar) assigned a rating of Pfd-2 (high) with a Stable trend to Canadian Utilities Limited’s CAD 175 million Cumulative Redeemable Second Preferred Shares Series HH.
The rating assigned to this newly issued preferred shares instrument is based on the rating of an already-outstanding preferred shares series of the above-mentioned instrument.
CU.PR.J is a Straight Perpetual, 4.75%, announced 2021-11-23.
The issue traded 383,500 shares today in a range of 24.70-00 before closing at 24.80-97. Vital statistics are:
| CU.PR.J |
Perpetual-Discount |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-09
Maturity Price : 24.42
Evaluated at bid price : 24.80
Bid-YTW : 4.79 % |
The issue will be tracked by HIMIPref™ and has been assigned to the PerpetualDiscount subindex.
This entry was posted on Thursday, December 9th, 2021 at 10:35 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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CU.PR.J Soft On Anemic Volume
Canadian Utilities Limited has announced:
DBRS rates it Pfd-2(high):
CU.PR.J is a Straight Perpetual, 4.75%, announced 2021-11-23.
The issue traded 383,500 shares today in a range of 24.70-00 before closing at 24.80-97. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2051-12-09
Maturity Price : 24.42
Evaluated at bid price : 24.80
Bid-YTW : 4.79 %
The issue will be tracked by HIMIPref™ and has been assigned to the PerpetualDiscount subindex.
This entry was posted on Thursday, December 9th, 2021 at 10:35 pm 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.