{"id":47537,"date":"2024-11-01T21:20:57","date_gmt":"2024-11-02T02:20:57","guid":{"rendered":"https:\/\/prefblog.com\/?p=47537"},"modified":"2024-11-01T21:20:57","modified_gmt":"2024-11-02T02:20:57","slug":"fts-pr-m-to-reset-to-5-493","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47537","title":{"rendered":"FTS.PR.M To Reset To 5.493%"},"content":{"rendered":"

Fortis Inc. has announced<\/a> (not as a press release, since they are peculiar<\/a>, but as a link in a footnote to their table of preference shares<\/a>:<\/p>\n

Fortis Inc. (the \u201cCorporation\u201d) hereby provides notice to the holders of its Cumulative Redeemable Fixed Rate Reset First Preference Shares, Series M of the Corporation (the \u201cSeries M Shares\u201d) of the following dividend rates, in each case payable if, as and when declared by the Board of Directors of the Corporation:
\ni. $0.34331250 per Series M Share, being the fixed dividend rate payable quarterly on the first day of March, June, September and December of each year during the five-year period from and including December 1, 2024 to but excluding December 1, 2029; and
\nii. $0.37744521 per share on the Cumulative Redeemable Floating Rate First Preference Shares, Series N of the Corporation (the \u201cSeries N Shares\u201d), being the floating dividend rate applicable to the Series N Shares for the 3-month period from and including December 1, 2024 and ending on and including February 28, 2025,<\/p>\n

in each case determined in accordance with the corresponding rights, privileges, conditions and restrictions attached to the Series M Shares and Series N Shares, respectively, as a class, as set out in the short form prospectus of the Corporation dated September 11, 2014 relating to the issuance of the Series M Shares.<\/p>\n

Beneficial owners of Series M Shares wishing to convert to Series N Shares should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from November 1, 2024, until 5:00 p.m. (EST) on November 18, 2024.<\/p>\n

Inquiries should be directed to Ms. Karen Gosse, Vice President, Finance, Fortis at 709.737.2865.<\/p><\/blockquote>\n

FTS.PR.M was issued as a FixedReset, 4.10%+248, that commenced trading 2014-9-19<\/a> after being announced and supersized 2014-9-3<\/a>. It reset to 3.913%<\/a> effective 2019-12-1. Notice of extension was provided wierdly<\/a> in mid-October, 2024. FTS was upgraded to Pfd-2(low)<\/a> (from Pfd-3(high)) by DBRS on 2021-5-4. The issue is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.<\/p>\n

Update, 2024-11-27<\/b>: Fortis has announced<\/a> (again, via a footnote to their table of preference shares<\/a>):<\/p>\n

that only 20,950 Cumulative Redeemable Fixed Rate Reset First Preference Shares, Series M of the Corporation (the \u201cSeries M Shares\u201d) were tendered for conversion into Cumulative Redeemable Floating Rate First Preference Shares, Series N of the Corporation (the \u201cSeries N Shares\u201d) on or prior to the November 18, 2024 conversion deadline.<\/p>\n

Pursuant to the terms of the Series M Shares, as described in the short form prospectus of the Corporation dated September 11, 2014 relating to the issuance of the Series M Shares, holders of Series M Shares are not entitled to convert their Series M Shares into Series N Shares unless at least 1,000,000 Series M Shares are tendered for conversion during the conversion period. As a result of the failure of holders to tender at least 1,000,000 Series M Shares for conversion at this time, no Series M Shares will be converted into Series N Shares on December 1, 2024.<\/p>\n

Holders of Series M Shares who exercised their right to convert their Series M Shares into Series N Shares will continue to hold Series M Shares on and after December 1, 2024 and any Series M Shares tendered for conversion will be returned to the holders thereof. As previously announced by the Corporation, the fixed dividend rate on the Series M Shares will be $0.34331250 per Series M Share, payable quarterly on the first day of March, June, September and December of each year during the five-year period from and including December 1, 2024 to but excluding December 1, 2029.<\/p>\n

Inquiries should be directed to Ms. Karen Gosse, Vice President, Finance, Fortis at 709.737.2865.<\/p><\/blockquote>\n

Thanks to Assiduous Reader KC for bringing this to my attention!<\/p>\n","protected":false},"excerpt":{"rendered":"

Fortis Inc. has announced (not as a press release, since they are peculiar, but as a link in a footnote to their table of preference shares: Fortis Inc. (the \u201cCorporation\u201d) hereby provides notice to the …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-47537","post","type-post","status-publish","format-standard","hentry","category-better-communication-please","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47537","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=47537"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47537\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}