Fortis Investor Relations has advised:<\/p>\n
Good evening,<\/p>\n
Thank you for contacting Investor Relations at Fortis Inc.<\/p>\n
This notice went out through our CDS yesterday, January 31st, for distribution.<\/p>\n
The new rate will be $0.3418125 per Series K Share, payable quarterly on the first day of March, June, September and December of each year during the five-year period from and including March 1, 2024 to but excluding March 1, 2029; and payable if, as and when declared by the board of directors.<\/p>\n
As a reminder, holders of Series K pref shares have until February 15, 2024 to provide notice of their election to convert their Series K shares to Series L shares.<\/p>\n
Please let us know if you have any additional questions.<\/p>\n
Regards,
\nInvestor Relations<\/p><\/blockquote>\nThe new rate implies a GOC-5 rate of 3.419%, which is consistent with the PPL.PR.C<\/a> reset.<\/p>\n
FTS.PR.K was issued as a FixedReset, 4.00%+205, that commenced trading 2013-7-13<\/a> after being announced 2013-7-9<\/a>. It reset to 3.929% effective 2019-3-1, after some confusion<\/a>. I recommended against conversion<\/a> and there was no conversion<\/a>. The issue is tracked by HIMIPref\u2122
but relegated to the Scraps – FixedResets (Discount) subindex on credit concerns.<\/s> and has been assigned to the FixedReset (Discount) subindex since its upgrade to Pfd-2(low) by DBRS<\/a>.<\/p>\n