{"id":32088,"date":"2016-01-22T01:25:42","date_gmt":"2016-01-22T06:25:42","guid":{"rendered":"http:\/\/prefblog.com\/?p=32088"},"modified":"2016-01-22T01:25:42","modified_gmt":"2016-01-22T06:25:42","slug":"pwf-pr-p-pwf-pr-q-20-conversion-to-floating-reset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32088","title":{"rendered":"PWF.PR.P \/ PWF.PR.Q: 20% Conversion to Floating Reset"},"content":{"rendered":"<p>Power Financial Corporation <a href=\"http:\/\/www.powerfinancial.com\/en\/news\/press-releases\/view\/727\/\">has announced<\/a>:<\/p>\n<blockquote><p>that 2,234,515 of its outstanding 11,200,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the &#8220;Series P shares&#8221;) will be converted on February 1, 2016, on a one-for-one basis, into Non-Cumulative Floating Rate First Preferred Shares, Series Q (the &#8220;Series Q shares&#8221;) of Power Financial.<\/p>\n<p>As a result, on February 1, 2016, Power Financial will have issued and outstanding 8,965,485 Series P shares and 2,234,515 Series Q shares.<\/p>\n<p>The Series P shares are currently listed on the Toronto Stock Exchange under the symbol PWF.PR.P. The Series Q shares will be listed on the Toronto Stock Exchange under the symbol PWF.PR.Q.<\/p><\/blockquote>\n<p>Assiduous Readers will remember that <a href=\"http:\/\/prefblog.com\/?p=31837\">PWF.PR.P will reset to 2.306%<\/a>; PWF.PR.Q is a FloatingReset that will pay 3-Month T-Bills +160bp, reset quarterly. I <a href=\"http:\/\/prefblog.com\/?p=31986\">recommended against conversion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Power Financial Corporation has announced: that 2,234,515 of its outstanding 11,200,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the &#8220;Series P shares&#8221;) will be converted on February 1, 2016, on a one-for-one basis, &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-32088","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32088","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=32088"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32088\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}