{"id":48722,"date":"2017-09-18T22:07:00","date_gmt":"2017-09-19T02:07:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48722"},"modified":"2025-07-24T22:08:58","modified_gmt":"2025-07-25T02:08:58","slug":"vsn-pr-a-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48722","title":{"rendered":"VSN.PR.A : No Conversion to FloatingReset"},"content":{"rendered":"

Veresen Inc. has announced<\/a>:<\/p>\n

\n

that, after having taken into account all conversion notices received from holders of its outstanding Cumulative Redeemable Preferred Shares, Series A (“Series A Shares”) by the September 15, 2017 deadline for the conversion of the Series A Shares into Cumulative Redeemable Preferred Shares, Series B (“Series B Shares”), less than the 1,000,000 Series A Shares required to give effect to conversions into Series B Shares were tendered for conversion. As a result, none of Veresen’s Series A Shares will be converted into Series B Shares on September 30, 2017.<\/p>\n<\/blockquote>\n

It will be recalled that VSN.PR.A will reset at 4.464%<\/a> and that I recommended against conversion<\/a>.<\/p>\n

After all of this, VSN.PR.A is a FixedReset, 4.464%+292, that commenced trading 2012-2-14 with a 4.40% coupon<\/a> after being announced 2012-2-3<\/a>. The issue is tracked by HIMIPref™ but has been assigned to the Scraps index on credit concerns. As noted in the earlier press release<\/a>, there is an exchange offer from PPL outstanding<\/a> that will take effect on closing of the Plan of Arrangement between the companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Veresen Inc. has announced: that, after having taken into account all conversion notices received from holders of its outstanding Cumulative Redeemable Preferred Shares, Series A (“Series A Shares”) by the September 15, 2017 deadline for …<\/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-48722","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48722","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=48722"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48722\/revisions"}],"predecessor-version":[{"id":48723,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48722\/revisions\/48723"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}