{"id":43490,"date":"2022-06-01T20:56:13","date_gmt":"2022-06-02T01:56:13","guid":{"rendered":"https:\/\/prefblog.com\/?p=43490"},"modified":"2022-06-01T20:56:13","modified_gmt":"2022-06-02T01:56:13","slug":"cu-pr-c-no-conversion-to-floatingreset-2","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43490","title":{"rendered":"CU.PR.C : No Conversion to FloatingReset"},"content":{"rendered":"

Canadian Utilities Limited has announced<\/a> (on May 24):<\/p>\n

that after having taken into account all election notices following the conversion deadline for the Cumulative Redeemable Second Preferred Shares Series Y (“Series Y Preferred Shares”) tendered for conversion into Cumulative Redeemable Second Preferred Shares Series Z (“Series Z Preferred Shares”), the holders of Series Y Preferred Shares are not entitled to convert their Series Y Preferred Shares into Series Z Preferred Shares. There were approximately 21,400 Series Y Preferred Shares tendered for conversion, which is less than the two million shares required to give effect to conversions into Series Z Preferred Shares.<\/p>\n

The Series Y Preferred Shares will continue to pay on a quarterly basis, for the five-year period from and including June 1, 2022 to but excluding June 1, 2027, as and when declared by the Board of Directors of Canadian Utilities Limited, a fixed dividend based on an annual dividend rate of 5.20%<\/p>\n

For more information on the terms of, and risks associated with an investment in, the Series Y Preferred Shares, please see Canadian Utilities Limited’s prospectus supplement dated September 15, 2011, which can be found under Canadian Utilities Limited’s profile on SEDAR at www.sedar.com.<\/p><\/blockquote>\n

CU.PR.C was issued as a FixedReset, 4.00%+240, that commenced trading 2011-9-21<\/a> after being announced 2011-9-13<\/a>. It reset to 3.40%<\/a> in 2017; I recommended against conversion<\/a>; and there was no conversion<\/a>. The issue reset to 5.20%<\/a> in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian Utilities Limited has announced (on May 24): that after having taken into account all election notices following the conversion deadline for the Cumulative Redeemable Second Preferred Shares Series Y (“Series Y Preferred Shares”) tendered …<\/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-43490","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43490","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=43490"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43490\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}