{"id":42091,"date":"2021-03-20T09:52:20","date_gmt":"2021-03-20T14:52:20","guid":{"rendered":"http:\/\/prefblog.com\/?p=42091"},"modified":"2021-03-20T09:52:20","modified_gmt":"2021-03-20T14:52:20","slug":"fn-pr-a-fn-pr-b-2-net-conversion-to-fixedreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42091","title":{"rendered":"FN.PR.A \/ FN.PR.B : 2% Net Conversion To FixedReset"},"content":{"rendered":"<p>First National Financial Corporation <a href=\"https:\/\/www.firstnational.ca\/investor-relations\/press-releases\/first-national-financial-corporation\/news-article\/2021\/03\/19\/first-national-announces-results-of-conversion-privileges-for-class-a-preference-shares-series-1-and-series-2\">has announced<\/a>:<\/p>\n<blockquote><p>that 399,700 of its 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). The Company also announced that 497,388 of its outstanding Series 2 Preference Shares were tendered for conversion, on a one-for-one basis, into Series 1 Preference Shares.<\/p>\n<p>After both conversions, effective April 1, 2021, the Company will have 2,984,835 Series 1 Preference Shares and 1,015,165 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 and the Series 2 Preference Shares will continue to be listed on the TSX under the symbol FN.PR.B.<\/p><\/blockquote>\n<p>FN.PR.A is a FixedReset, 4.65%+207, that <a href=\"http:\/\/prefblog.com\/?p=13846\">commenced trading 2011-1-25<\/a> after being <a href=\"http:\/\/www.prefblog.com\/?p=13587\">announced 2011-1-17<\/a>. Notice of extension was <a href=\"http:\/\/prefblog.com\/?p=32496\">given in February, 2016<\/a> and the issue <a href=\"http:\/\/prefblog.com\/?p=32566\">reset to 2.79%<\/a>. I <a href=\"http:\/\/prefblog.com\/?p=32716\">recommended against conversion<\/a>, but there was <a href=\"http:\/\/prefblog.com\/?p=32833\">28% conversion to the FloatingReset<\/a>, FN.PR.B. Notice of the second extension was <a href=\"http:\/\/prefblog.com\/?p=41975\">given in February, 2021<\/a>. The issue <a href=\"http:\/\/prefblog.com\/?p=42036\">reset at 2.895%<\/a> in 2021.<\/p>\n<p>FN.PR.B is a FloatingReset, Bills+207, that arose via a <a href=\"http:\/\/prefblog.com\/?p=32833\">partial conversion from the FixedReset<\/a>, FN.PR.A, in 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First National Financial Corporation has announced: that 399,700 of its 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 &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-42091","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42091","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=42091"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42091\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}