{"id":32851,"date":"2016-04-01T03:53:29","date_gmt":"2016-04-01T08:53:29","guid":{"rendered":"http:\/\/prefblog.com\/?p=32851"},"modified":"2016-04-01T03:53:29","modified_gmt":"2016-04-01T08:53:29","slug":"ta-pr-e-listed-no-trading-after-conversion-from-ta-pr-d","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32851","title":{"rendered":"TA.PR.E Listed: No Trading After Conversion From TA.PR.D"},"content":{"rendered":"

TransAlta Corporation has announced<\/a>:<\/p>\n

that 1,824,620 of its 12,000,000 Cumulative Redeemable Rate Reset Preferred Shares, Series A (the \u201cSeries A Shares\u201d) have been converted, on a one-for-one basis, into Cumulative Redeemable Floating Rate Preferred Shares, Series B (the \u201cSeries B Shares\u201d). As a result of the conversion, TransAlta has 10,175,380 Series A Shares and 1,824,620 Series B Shares issued and outstanding.<\/p>\n

The Series B Shares will begin trading on the Toronto Stock Exchange (TSX) today under the symbol TA.PR.E. The Series A Shares will continue to be listed on the TSX under the symbol TA.PR.D.<\/p><\/blockquote>\n

The 15% conversion rate<\/a> has been reported previously; Assiduous Readers will remember that I recommended against conversion<\/a>. TA.PR.D now pays 2.709%<\/a> (on par) until 2021-3-31, while TA.PR.E will pay 3-month bills +203bp, reset quarterly.<\/p>\n

TA.PR.E closed with a ridiculous quote of 10.00-11.00, 1×10. I expect this to decline precipitously in short order, given the closing quote on TA.PR.D of 8.39-50, 4×24.<\/p>\n

Vital statistics are:<\/p>\n

\n\n\n\n
TA.PR.D<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-31
\nMaturity Price : 8.39
\nEvaluated at bid price : 8.39
\nBid-YTW : 8.19 %<\/td>\n<\/tr>\n
TA.PR.E<\/td>\nFloatingReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.00
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

TransAlta Corporation has announced: that 1,824,620 of its 12,000,000 Cumulative Redeemable Rate Reset Preferred Shares, Series A (the \u201cSeries A Shares\u201d) have been converted, on a one-for-one basis, into Cumulative Redeemable Floating Rate Preferred Shares, …<\/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-32851","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32851","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=32851"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32851\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}