{"id":22612,"date":"2013-07-30T01:26:50","date_gmt":"2013-07-30T05:26:50","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22612"},"modified":"2013-07-30T01:26:50","modified_gmt":"2013-07-30T05:26:50","slug":"ax-pr-g-declines-on-good-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22612","title":{"rendered":"AX.PR.G Declines On Good Volume"},"content":{"rendered":"

Artis Real Estate Investment Trust has announced<\/a>:<\/p>\n

that it has closed its previously announced public offering (the \u201cFinancing\u201d) of Cumulative Rate Reset Preferred Trust Units, Series G (the \u201cSeries G Units\u201d) on a bought deal basis through a syndicate of underwriters led by RBC Capital Markets and CIBC (the “Underwriters”). Artis issued and sold an aggregate of 3,200,000 Series G Units (inclusive of 200,000 Series G Units issued pursuant to the partial exercise of the Underwriters\u2019 option) at a price of $25.00 per Series G Unit for gross proceeds to Artis of $80,000,000.<\/p>\n

DBRS Limited assigned a rating of Pfd-3 (low) to the Series G Units.<\/p>\n

Artis intends to use the net proceeds from the Financing to repay indebtedness, fund future acquisitions, and for general trust purposes.<\/p><\/blockquote>\n

AX.PR.G is a FixedReset, 5.00%+313, announced July 18<\/a>. Note that it is not strictly a “preferred share”, it is a trust unit, and that it pays interest and return of capital (see comments)<\/i>, not dividends. The issue will be tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.<\/p>\n

The DBRS rating of Pfd-3(low)<\/a> is now official. As was the case with Friday’s closing of PPL.PR.A<\/a>, I don’t believe the price decline has anything to do with the specifics of the issue, or should be taken as an indication that the underwriters got it wrong … it’s just a crummy environment right now for low-quality FixedResets.<\/p>\n

AX.PR.G traded 219,520 shares today in a range of 24.24-70 before closing at 24.66-69, 18×50. Vital statistics are:<\/p>\n

\n\n\n
AX.PR.G<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-07-29
\nMaturity Price : 22.99
\nEvaluated at bid price : 24.66
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Artis Real Estate Investment Trust has announced: that it has closed its previously announced public offering (the \u201cFinancing\u201d) of Cumulative Rate Reset Preferred Trust Units, Series G (the \u201cSeries G Units\u201d) on a bought deal …<\/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-22612","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22612","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=22612"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22612\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}