{"id":41861,"date":"2021-01-19T23:10:25","date_gmt":"2021-01-20T04:10:25","guid":{"rendered":"http:\/\/prefblog.com\/?p=41861"},"modified":"2021-01-19T23:10:25","modified_gmt":"2021-01-20T04:10:25","slug":"pwf-pr-p-pwf-pr-q-net-6-conversion-to-fixedreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41861","title":{"rendered":"PWF.PR.P \/ PWF.PR.Q : Net 6% Conversion To FixedReset"},"content":{"rendered":"<p>Power Financial Corporation <a href=\"https:\/\/www.powerfinancial.com\/en\/news\/press-releases\/2021\/power-financial-announces-results-of-conversion-rights-of-non-cumulative-5-year-rate-reset-first-preferred-shares-series-p-and-non-cumulative-floating-rate-first-preferred-shares-series-q-122605\/\">has announced<\/a>:<\/p>\n<blockquote><p>that (i) 137,539 of its outstanding 8,965,485 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the &#8220;Series P shares&#8221;) will be converted on February 1, 2021, 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, and (ii) 829,570 of its outstanding 2,234,515 Series Q shares will be converted on February 1, 2021, on a one-for-one basis, into Series P shares of Power Financial.<\/p>\n<p>As a result, on February 1, 2021, Power Financial will have issued and outstanding 9,657,516 Series P shares and 1,542,484 Series Q shares.<\/p>\n<p>The Series P shares and Series Q shares are currently listed on the Toronto Stock Exchange under the symbols PWF.PR.P and PWF.PR.Q, respectively.<\/p><\/blockquote>\n<p>PWF.PR.P was issued as a a FixedReset, 4.40%+160 that <a href=\"http:\/\/prefblog.com\/?p=11363\">commenced trading 2010-6-29<\/a> after being <a href=\"http:\/\/www.prefblog.com\/?p=11251\">announced 2010-6-17<\/a>.  It <a href=\"http:\/\/prefblog.com\/?p=31837\">reset to 2.306%<\/a> in 2016; I <a href=\"http:\/\/prefblog.com\/?p=31986\">recommended against conversion<\/a> but there was a <a href=\"http:\/\/prefblog.com\/?p=32088\">20% conversion to PWF.PR.Q<\/a> anyway. After providing <a href=\"http:\/\/prefblog.com\/?p=41679\">notice of extension<\/a> the company announced the <a href=\"http:\/\/prefblog.com\/?p=41818\">2021 reset of PWF.PR.P to 1.998%<\/a>.<\/p>\n<p>PWF.PR.Q is a FloatingReset, Bills+160, that arose via a <a href=\"http:\/\/prefblog.com\/?p=32088\">partial conversion from PWF.PR.P<\/a> in 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Power Financial Corporation has announced: that (i) 137,539 of its outstanding 8,965,485 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the &#8220;Series P shares&#8221;) will be converted on February 1, 2021, 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-41861","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41861","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=41861"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41861\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}