{"id":12315,"date":"2010-09-22T22:00:27","date_gmt":"2010-09-23T02:00:27","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=12315"},"modified":"2010-09-22T22:00:27","modified_gmt":"2010-09-23T02:00:27","slug":"bsc-pr-b-offering-completed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=12315","title":{"rendered":"BSC.PR.B Offering Completed"},"content":{"rendered":"

BNS Split Corp II has announced<\/a>:<\/p>\n

that it has completed its public offering of 1,238,954 Class B Preferred Shares, Series 1 (\u201cSeries 1 Preferred Shares\u201d), raising approximately $23.4 million. The Series 1 Preferred Shares were offered to the public by a syndicate of agents led by Scotia Capital Inc. In addition, the Company has redeemed all of its outstanding Class A Preferred Shares and 1,105,950 of its Class A Capital Shares.<\/p>\n

The Series 1 Preferred Shares were offered in order to maintain the leveraged \u201csplit share\u201d structure of the Company following the successful reorganization of the Company approved at a special meeting of holders of Class A Capital Shares on July 5, 2010, which among other things, extended the redemption date of the Class A Capital Shares for an additional five year term. At the close of business on September 22, 2010 there will be 2,477,908 Class A Capital Shares and 1,238,954 Series 1 Preferred Shares issued and outstanding.<\/p><\/blockquote>\n

The refunding was reported on PrefBlog in the post BSC.PR.A Refunding Approved<\/a>. BSC.PR.B will not be tracked by HIMIPref™ – too small! The company has published the prospectus for the issue<\/a>.<\/p>\n

Update, 2010-9-23<\/b>: DBRS Rates BNS Split Corp. II Class B Preferred Shares, Series 1 Pfd-2 (low)<\/a>:<\/p>\n

As of September 14, 2010, the downside protection available to the holders of the Class B Preferred Shares was 62%. Based on the current dividend yield on the Portfolio, the initial Class B Preferred Share dividend coverage ratio is approximately 1.9 times.<\/p>\n

The Pfd-2 (low) rating of the Class B Preferred Shares is primarily based on the downside protection and dividend coverage available, as well as on the credit quality and consistency of dividend distributions of the Portfolio holdings.<\/p>\n

The main constraints to the rating are the following:<\/p>\n

1) The downside protection provided to holders of the Class B Preferred Shares is dependent on the value of the shares in the Portfolio.<\/p>\n

2) Volatility of price and changes in the dividend policies of The Bank of Nova Scotia (BNS) may result in significant reductions in downside protection from time to time.<\/p>\n

3) The concentration of the entire Portfolio in the common shares of BNS.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

BNS Split Corp II has announced: that it has completed its public offering of 1,238,954 Class B Preferred Shares, Series 1 (\u201cSeries 1 Preferred Shares\u201d), raising approximately $23.4 million. The Series 1 Preferred Shares were …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-12315","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/12315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12315"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/12315\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}