IGM.PR.B Opening Day Limp and Lifeless

Investors’ Group has announced:

the successful completion and closing of an offering of 5.90% Non-Cumulative First Preferred Shares, Series B (the “Series B Shares”), priced at $25.00 per share to raise gross proceeds of $150 million.

The issue was bought by an underwriting group co-led by BMO Capital Markets and by RBC Capital Markets.

The Series B Shares will be listed and posted for trading on the Toronto Stock Exchange under the symbol “IGM.PR.B”. Proceeds from the issue will be used to supplement IGM Financial’s financial resources and for general corporate purposes.

Vital statistics are:

IGM.PR.B Perpetual-Discount YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-12-08
Maturity Price : 24.30
Evaluated at bid price : 24.50
Bid-YTW : 6.06 %

It still looks expensive to me! The issue was announced on November 30.

IGM.PR.B will be tracked by HIMIPref™. It has been assigned to the PerpetualDiscount index.

This entry was posted on Tuesday, December 8th, 2009 at 8:22 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.

2 Responses to “IGM.PR.B Opening Day Limp and Lifeless”

  1. PrefBlog » Blog Archive » December 8, 2009 says:
    December 8, 2009 at 8:23 pm

    […] Canadian Preferred Shares – Data and Discussion « December 7, 2009 IGM.PR.B Opening Day Limp and Lifeless […]

  2. PrefBlog » Blog Archive » IGM.PR.B Inventory Blow-Out Sale says:
    December 17, 2009 at 4:45 pm

    […] which had a limp and lifeless opening day and closed last night at 24.90-99 on continued low volume is now quoted at 24.26-29, 7×29, on […]

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