PrefBlog

Equitable Bank has announced (in its 24Q3 Earnings Release):

EQB preferred share redemption

• On September 30, 2024, EQB will redeem all of the 2,911,800 outstanding shares of its Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 3 (the “Series 3 Preferred Shares”). The redemption price per share for the Series 3 Preferred Shares will be $25.00 for each Series 3 Preferred Share of the Company.
• The Series 3 Preferred Shares are currently listed for trading on the Toronto Stock Exchange under the symbol EQB.PR.C and will be de-listed from the TSX, as at the close of trading on September 30, 2024. Beneficial holders of Series 3 Preferred Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

EQB.PR.C was issued as a FixedReset, 6.35%+478 in the summer of 2014. It reset to 5.969% effective 2019-09-30. The issue has not been tracked by HIMIPref™ as there has been no credit rating for the preferreds (although one has been obtained for the LRCNs). As I wrote at time of issue:

This issue is unrated and will not be tracked by HIMIPref™. This is not because I worship the Credit Rating Agencies and am unable to do anything without them; it is because I feel that a public announcement by the CRAs of imminent downgrades do an admirable job of concentrating the minds of management and the directors on fixing the problem. Such announcements by Hymas Investment Management Inc. or Joe Blogger do not carry the same weight.

Thanks to Assiduous Reader IrateAR for bringing this to my attention!

This entry was posted on Thursday, August 29th, 2024 at 8:15 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.