{"id":32833,"date":"2016-03-28T22:37:11","date_gmt":"2016-03-29T03:37:11","guid":{"rendered":"http:\/\/prefblog.com\/?p=32833"},"modified":"2016-03-28T22:37:11","modified_gmt":"2016-03-29T03:37:11","slug":"fn-pr-a-fn-pr-b-28-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32833","title":{"rendered":"FN.PR.A \/ FN.PR.B : 28% Conversion to FloatingReset"},"content":{"rendered":"<p>First National Financial Corporation <a href=\"http:\/\/www.firstnational.ca\/docs\/aboutus\/FN%20pref%20dividend%20Conversion%20results%20PRESS%20v2.pdf\">has announced<\/a>:<\/p>\n<blockquote><p>that 1,112,853 of its 4,000,000 issued and outstanding cumulative 5-year rate reset Class A Preference Shares, Series 1 (\u201cSeries 1 Preference Shares\u201d) were tendered for conversion, on a one-for-one basis, into cumulative floating rate Class A Preference Shares, Series 2 (\u201cSeries 2 Preference Shares\u201d). Effective April 1, 2016, the Company will have 2,887,147 Series 1 Preference Shares and 1,112,853 Series 2 Preference Shares outstanding and issued. The Series 1 Preference Shares will continue to be listed on the Toronto Stock Exchange (\u201cTSX\u201d) under the symbol FN.PR.A. The Series 2 Preference Shares will be listed on the TSX under the symbol FN.PR.B.<\/p><\/blockquote>\n<p>Assiduous Readers will remember that FN.PR.A will <a href=\"http:\/\/prefblog.com\/?p=32566\">reset to 2.79%<\/a>, while the FloatingReset issue, FN.PR.B, will pay 3-Month T-Bills + 207bp, reset quarterly. I <a href=\"http:\/\/prefblog.com\/?p=32716\">recommended against conversion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First National Financial Corporation has announced: that 1,112,853 of its 4,000,000 issued and outstanding cumulative 5-year rate reset Class A Preference Shares, Series 1 (\u201cSeries 1 Preference Shares\u201d) were tendered for conversion, on a one-for-one &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-32833","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32833","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=32833"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32833\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}