{"id":17348,"date":"2011-12-15T14:09:40","date_gmt":"2011-12-15T18:09:40","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17348"},"modified":"2011-12-15T14:09:40","modified_gmt":"2011-12-15T18:09:40","slug":"fbs-pr-b-redeemed-fbs-pr-c-issued","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17348","title":{"rendered":"FBS.PR.B Redeemed; FBS.PR.C Issued"},"content":{"rendered":"

5Banc Split Inc, operated by TD Securities, has announced<\/a>:<\/p>\n

that it has completed an offering of 2,580,135 Class C preferred shares, series 1 (the \u201cClass C Preferred Shares\u201d) at a price of $10.00 per Class C Preferred Share raising gross proceeds of approximate $25.8 million. The Class C Preferred Shares were offered on a best efforts basis by a syndicate of agents led by TD Securities Inc. which included Scotia Capital Inc., BMO Capital Markets and National Bank Financial Inc.<\/p>\n

The Company holds a portfolio of publicly listed common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and The Toronto-Dominion Bank in order to provide holders of the Class C Preferred Shares with fixed cumulative preferential dividends and to provide holders of its Class B capital shares (the \u201cCapital Shares\u201d) with a leveraged investment and excess dividends, if any, subject to the prior rights of holders of Class C Preferred Shares and after payment of the expenses of the Company and dividends payable on the Class C Preferred Shares.<\/p>\n

The Class C Preferred Shares and the Capital Shares are listed and posted for trading on the Toronto Stock Exchange under the symbols FBS.PR.C and FBS.B, respectively. The Class C Preferred Shares are rated Pfd-2 (low) by DBRS Limited. The Class B preferred shares of the Company have been redeemed today in accordance with their terms.<\/p><\/blockquote>\n

The prospectus for FBS.PR.C is posted on the fund’s site<\/a>.<\/p>\n

FBS.PR.B was last mentioned on PrefBlog when the refunding was announced<\/a>.<\/p>\n

FBS.PR.C will be tracked by HIMIPref™ and will be eligible for the SplitShare index, but is expected to be relegated to the Scraps index on volume concerns.<\/p>\n

Update<\/b>: DBRS rates FBS.PR.C at Pfd-2(low)<\/a>.<\/p>\n

Update<\/b>: Vital statistics for FBS.PR.C are:<\/p>\n

\n\n\n
FBS.PR.C<\/td>\nSplitShare<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-12-15
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.16
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

5Banc Split Inc, operated by TD Securities, has announced: that it has completed an offering of 2,580,135 Class C preferred shares, series 1 (the \u201cClass C Preferred Shares\u201d) at a price of $10.00 per Class …<\/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-17348","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17348","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=17348"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17348\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}