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.
This issue closed before 1:00 pm!
[…] the new FixedReset 7.25%+521 announced May 6, had an entirely respectable market debut, trading 539,155 shares in a range of […]
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
Thanks
Mike -Winnipeg
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.