TCL.PR.D Closes Soft on Ho-Hum Volume

Transcontinental has announced:

that it has closed its previously announced bought deal public offering of 4,000,000 cumulative 5-year rate reset first preferred shares, series D (the “Series D Preferred Shares”) for gross proceeds of $100 million, purchased by a syndicate of underwriters led by Scotia Capital Inc. and CIBC World Markets Inc., acting as joint book-runners.

Transcontinental has also granted the underwriters an option to purchase up to 600,000 additional Series D Preferred Shares to cover over-allotments, exercisable in whole or in part at any time up to 30 days following closing of the offering. If the over-allotment option is exercised in full, the aggregate gross proceeds to Transcontinental will be $115 million.

The issue was announced September 21 and marks a continuance of the recent flood of low credit quality FixedResets.

The issue traded 230,450 shares in a range of 24.80-90 before closing at 24.80-83, 7×8.

Vital Statistics are:

TCL.PR.D Scraps
Maturity Type : Limit Maturity
Maturity Date : 2039-10-02
Maturity Price : 24.75
Evaluated at bid price : 24.80
Bid-YTW : 6.86 %

TCL.PR.D is tracked by HIMIPref™. It has been added to the Scraps subindex due to credit concerns.

One Response to “TCL.PR.D Closes Soft on Ho-Hum Volume”

  1. […] was last mentioned on PrefBlog at the time of issue. TCL.PR.D is tracked by HIMIPref™ but is relegated to the Scraps index on credit […]

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