{"id":374,"date":"2006-12-07T23:57:46","date_gmt":"2006-12-08T03:57:46","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=374"},"modified":"2006-12-07T23:57:46","modified_gmt":"2006-12-08T03:57:46","slug":"taprc-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=374","title":{"rendered":"TA.PR.C to be Redeemed"},"content":{"rendered":"<p>Yet <a href=\"http:\/\/www.prefblog.com\/?p=305\">another<\/a> fine old preferred security will shortly be leaving us.<\/p>\n<p>In a <a href=\"http:\/\/www.transalta.com\/transalta\/webcms.nsf\/AllDoc\/FA941C8053327B1E8725722F005EC345?OpenDocument\">press release<\/a> dated November 22, Transalta announced:<\/p>\n<blockquote><p>TransAlta Corporation (TSX: TA; NYSE: TAC) today announced it will redeem all of its 7.75% Preferred Securities (the \u201c7.75% Preferred Securities\u201d), which have an aggregate principal amount of $175,000,000, on Jan. 2, 2007 (the \u201cRedemption Date\u201d).\u00a0 The redemption will be funded with short-term debt and is expected to reduce interest costs.<\/p><\/blockquote>\n<p>.<\/p>\n<p>I&#8217;ll just bet that&#8217;s the expectation! By\u00a0more than\u00a03% absolute, I&#8217;d guess or $5-million-plus annually!<\/p>\n<p>It has been a long time since this paper was investment-grade &#8230; <a href=\"http:\/\/www.dbrs.com\">DBRS<\/a> downgraded it from Pfd-2(low)y (the &#8220;y&#8221; meaning &#8220;hybrid&#8221;) to Pfd-3(high)y on December 12, 2002, but for a little while it was a fine trader. It will be missed, and it will be a long time before investment grade paper pays 7.75% again!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yet another fine old preferred security will shortly be leaving us. In a press release dated November 22, Transalta announced: TransAlta Corporation (TSX: TA; NYSE: TAC) today announced it will redeem all of its 7.75% &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-374","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/374","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=374"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/374\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}