{"id":47694,"date":"2024-12-09T21:45:02","date_gmt":"2024-12-10T02:45:02","guid":{"rendered":"https:\/\/prefblog.com\/?p=47694"},"modified":"2024-12-09T21:45:02","modified_gmt":"2024-12-10T02:45:02","slug":"l-pr-b-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47694","title":{"rendered":"L.PR.B To Be Redeemed"},"content":{"rendered":"<p>Loblaw Companies Limited <a href=\"https:\/\/www.loblaw.ca\/en\/loblaw-companies-limited-announces-intention-to-redeem-second-preferred-shares-series-b\/\">has announced<\/a>:<\/p>\n<blockquote><p>its intention to redeem for cash all of its 9,000,000 outstanding Second Preferred Shares, Series B (the \u201cSeries B Shares\u201d) on January 8, 2025 (the \u201cRedemption Date\u201d) at a redemption price equal to $25.00 per share, for an aggregate amount of $225 million, together with all accrued and unpaid dividends up to but excluding the Redemption Date in the amount of $0.02944 per Series B Share (collectively, the \u201cRedemption Price\u201d), less any tax required to be deducted and withheld by the Company.<\/p>\n<p>Formal notice will be delivered to the sole registered holder of the Series B Shares in accordance with the terms of the Series B Shares contained in the Company\u2019s articles.<\/p>\n<p>The Series B Share redemption will not impact the Company\u2019s previously announced quarterly dividend on the Series B Shares, payable on December 31, 2024 to shareholders of record on December 15, 2024. After the Series B Shares are redeemed, holders of Series B Shares will cease to be entitled to dividends and will not be entitled to exercise any rights as holders other than to receive the Redemption Price.<\/p>\n<p>Non-registered holders of Series B Shares should contact their broker or other intermediary for information regarding the redemption process for the Series B Shares in which they hold a beneficial interest. The Company\u2019s transfer agent for the Series B Shares is Computershare Trust Company of Canada (\u201cComputershare\u201d). Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253 or by email to corporateactions@computershare.com.<\/p>\n<p>Following the redemption on January 8, 2025, the Series B Shares will be delisted from and no longer trade on the Toronto Stock Exchange (\u201cTSX\u201d).<\/p><\/blockquote>\n<p>L.PR.B is a 5.30% Straight Perpetual <a href=\"https:\/\/prefblog.com\/?p=29372\">commenced trading 2015-6-9<\/a> after being <a href=\"http:\/\/prefblog.com\/?p=29273\">announced 2015-6-2<\/a>. It has been tracked by HIMIPref&trade; but relegated to the Scraps index on credit concerns.<\/p>\n<p>This was another market windfall, with the issue <a href=\"https:\/\/money.tmx.com\/en\/quote\/L.PR.B\">up 10.68% today<\/a> on high volume.<\/p>\n<p>Thanks to Assiduous Reader <i>peet<\/i> for <a href=\"https:\/\/prefblog.com\/?p=29372#comment-219175\">bringing this to my attention<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Loblaw Companies Limited has announced: its intention to redeem for cash all of its 9,000,000 outstanding Second Preferred Shares, Series B (the \u201cSeries B Shares\u201d) on January 8, 2025 (the \u201cRedemption Date\u201d) at a redemption &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-47694","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47694","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=47694"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47694\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}