New Issue: CCS Fixed-Reset 7.25%+521

Co-operators General Insurance Company has announced a new issue:

Issue Name: Non-cumulative 5-Year Rate Reset Class E Preference Shares, Series D

Issue Size: 4-million shares (=$100-million) + greenshoe 0.6-million shares (=$15-million)

Dividend: 7.25% until first Reset Date. Reset to 5-Year GOC + 521bp on each Reset Date

First Dividend: Payable 2009-9-30, $0.6505 (lovely and fat! Mark your calendars!)

Reset Dates: 2014-6-30 and every five years thereafter.

Redemption: Every Reset Data at 25.00

Exchangeable: Every Reset Date to Series E, pay 3-month Treasury Bills + 521bp, reset quarterly. Series E is redeemable on Reset Dates at 25.00 and at 25.50 at all other times.

Closing Date: Scheduled for May 22

Nice to see a new issue come out, even if the credit is not tip-top (Pfd-3 by DBRS). The extant PerpetualDiscount, CCS.PR.C closed last night at 15.20-49 to yield 8.38-20%

Update: Press Release.

4 Responses to “New Issue: CCS Fixed-Reset 7.25%+521”

  1. GAndreone says:

    This issue closed before 1:00 pm!

  2. […] the new FixedReset 7.25%+521 announced May 6, had an entirely respectable market debut, trading 539,155 shares in a range of […]

  3. mpisni says:

    Hi James, o you know the ex date for the intital dividend. I have scoured the website to no avail and reviewed the prospectus as well. The website is not very investor freindly I must say


    Mike -Winnipeg

  4. jiHymas says:

    The ex-date for the first dividend is not yet known.

    When you get a quote on the issue from tmxmoney, the next ex-date, if known, will be supplied.

    CCS has a cavalier approach towards timing of dividend declaration and I can only suggest an eMail to the corporate secretary.

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