{"id":50754,"date":"2019-09-19T21:41:00","date_gmt":"2019-09-20T01:41:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50754"},"modified":"2025-11-17T21:43:01","modified_gmt":"2025-11-18T02:43:01","slug":"dc-pr-b-dc-pr-d-small-net-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50754","title":{"rendered":"DC.PR.B \/ DC.PR.D : Small Net Conversion To FloatingReset"},"content":{"rendered":"<p>Dundee Corporation <a href=\"http:\/\/dundeecorp.com\/news.php\">has announced<\/a>:<\/p>\n<blockquote><p> that 651,862 of its Cumulative 5-Year Rate Reset First Preference Shares, Series 2 (\u201cSeries 2 Shares\u201d) will be converted, on a one for one basis, into Cumulative Floating Rate First Preference Shares, Series 3 (\u201cSeries 3 Shares\u201d) of the Company and 349,755 Series 3 Shares will be converted into Series 2 Shares, in each case effective September 30, 2019. As a result, on September 30, 2019, Dundee will have 3,177,278 Series 2 Shares and 2,022,722 Series 3 Shares issued and outstanding, less any Series 2 Shares and Series 3 Shares purchased by the Company for cancellation pursuant to the previously announced normal course issuer bids.<\/p>\n<p>Holders will again have the opportunity to convert their Series 2 Shares into Series 3 or to convert their Series 3 Shares into Series 2 Shares on September 30, 2024, and every five years thereafter as long as the Series 2 Shares and Series 3 Shares remain outstanding.<\/p>\n<\/blockquote>\n<p>So that&#8217;s a net conversion of just under 6% from DC.PR.B, the FixedReset, to DC.PR.D, the FloatingReset, leaving DC.PR.B with about 61% of the total.<\/p>\n<p>DC.PR.B is a FixedReset, 5.688%+410, that <a href=\"http:\/\/prefblog.com\/?p=7890\">commenced trading 2009-9-15<\/a> with a 6.75% coupon after being <a href=\"http:\/\/www.prefblog.com\/?p=7652\">announced 2009-8-25<\/a>. It <a href=\"http:\/\/prefblog.com\/?p=26184\">reset to 5.688%<\/a> effective 2014-09-30. I made <a href=\"http:\/\/prefblog.com\/?p=26184\">no recommendation regarding conversion<\/a>. Now, <a href=\"http:\/\/prefblog.com\/?p=39381\">DC.PR.B will reset at 5.284%<\/a> effective September 30, 2019. I <a href=\"http:\/\/prefblog.com\/?p=39417\">recommended retaining, or converting to, DC.PR.B<\/a>. It is tracked by HIMIPref&trade; but is relegated to the Scraps &#8211; FixedReset (Discount) subindex on credit concerns. <\/p>\n<p>DC.PR.D is a FloatingReset, +410, that came into existence via a <a href=\"http:\/\/prefblog.com\/?p=26314\">partial conversion from DC.PR.B<\/a>. It is tracked by HIMIPref&trade; but relegated to the Scraps &#8211; FloatingReset subindex on credit concerns. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dundee Corporation has announced: that 651,862 of its Cumulative 5-Year Rate Reset First Preference Shares, Series 2 (\u201cSeries 2 Shares\u201d) will be converted, on a one for one basis, into Cumulative Floating Rate First Preference &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-50754","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50754","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=50754"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50754\/revisions"}],"predecessor-version":[{"id":50755,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50754\/revisions\/50755"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}