{"id":32184,"date":"2006-07-21T16:00:18","date_gmt":"2006-07-21T20:00:18","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17"},"modified":"2006-07-21T16:00:18","modified_gmt":"2006-07-21T20:00:18","slug":"power-financial-series-l","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32184","title":{"rendered":"Power Financial Series L"},"content":{"rendered":"<p>I got word of another new issue today &#8211; &#8220;Power Financial Corporation Non-Cumulative First Preferred Shares Series L&#8221;<\/p>\n<p>\u00a0Dividend rate of 5.1%.<\/p>\n<p>Callable commencing October 31, 2011 @ $26, declining by $0.25 annually until October 31, 2015 &#8211; callable afterwards at $25.00. It&#8217;s a perpetual issue &#8211; no retractions!<\/p>\n<p>The issuer can purchase shares for cancellation (i) at any price prior to 2011-10-31, and\u00a0(ii) for less than the contemporary redemption price afterwards.<\/p>\n<p>Rated Pfd-1(low) by DBRS &#8211; same as the big banks (other than CIBC!).<\/p>\n<p>\u00a08-million shares worth $200-million.<\/p>\n<p>\u00a0Payment and delivery is &#8220;on or about August 4, 2006&#8221;.<\/p>\n<p>\u00a0This one looks pretty good, based on the information at hand. I&#8217;ll be preparing a press release as soon as the prospectus is available and I&#8217;m sure of my ground.<\/p>\n<p><strong>Update &#038; Bump<\/strong> : So the press release has been <a href=\"http:\/\/www.newswire.ca\/en\/releases\/archive\/July2006\/21\/c8612.html\">issued<\/a>. I like this issue &#8230; I think it will go to an immediate premium over issue price.\n<\/p>\n<p><!--6a0cf7f75eead1d8fc5fcd902ab20fd3--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I got word of another new issue today &#8211; &#8220;Power Financial Corporation Non-Cumulative First Preferred Shares Series L&#8221; \u00a0Dividend rate of 5.1%. Callable commencing October 31, 2011 @ $26, declining by $0.25 annually until October &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-32184","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32184","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=32184"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32184\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}