{"id":29266,"date":"2015-06-01T17:26:46","date_gmt":"2015-06-01T22:26:46","guid":{"rendered":"http:\/\/prefblog.com\/?p=29266"},"modified":"2015-06-01T17:26:46","modified_gmt":"2015-06-01T22:26:46","slug":"l-pr-a-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=29266","title":{"rendered":"L.PR.A To Be Redeemed"},"content":{"rendered":"<p>Loblaw Companies Limited <a href=\"http:\/\/www.loblaw.ca\/English\/Media-Centre\/news-releases\/news-release-details\/2015\/Loblaw-Companies-Limited-Announces-Preferred-Share-Offering\/default.aspx\">has announced<\/a> (as part of their new issue announcement):<\/p>\n<blockquote><p>that it intends to redeem all of its outstanding Second Preferred Shares, Series A (TSX:L.PR.A) (the &#8220;Preferred Shares Series A&#8221;) for cash on July 31, 2015 (&#8220;redemption date&#8221;). The redemption price for each Preferred Share Series A will be $25.00. Holders of Preferred Shares Series A will separately receive all accrued and unpaid dividends outstanding on the redemption date. Loblaw intends to use the net proceeds of the issue of Preferred Shares Series B to partially fund the redemption of its Preferred Shares Series A. The offering is expected to close on or about June 9, 2015.<\/p><\/blockquote>\n<p>This is not really the biggest surprise in the world &#8211; L.PR.A is an OperatingRetractible paying 5.95% which becomes redeemable at par on 2015-7-31 and also becomes retractible for shares on that date.<\/p>\n<p>How times change! When this issue was <a href=\"http:\/\/www.prefblog.com\/?p=2248\">announced 2008-6-11<\/a> I opined that it looked expensive and when it <a href=\"http:\/\/prefblog.com\/?p=2292\">commenced trading 2008-6-20<\/a> it turned out that the market agreed with me.<\/p>\n<p>Doubtless this will cause a certain amount of angst for some investors &#8230; given the <a href=\"http:\/\/prefblog.com\/?p=29062\">imminent redemption of MFC.PR.A<\/a> the ranks of OperatingRetractibles are dwindling quickly!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Loblaw Companies Limited has announced (as part of their new issue announcement): that it intends to redeem all of its outstanding Second Preferred Shares, Series A (TSX:L.PR.A) (the &#8220;Preferred Shares Series A&#8221;) for cash on &hellip;<\/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-29266","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29266","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=29266"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29266\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}