Issue: HSBC Bank Canada Non-Cumulative 5-Year Rate Reset Class 1 Preferred Shares Series E<\/p>\n
Size: 5-million shares (=$125-million) + greenshoe 3-million shares (=$75-million)<\/p>\n
Dividends: $1.65 p.a. (=6.60%); reset every Exchange Date to 5-Year GOC + 485bp. First dividend payable 2009-6-30 for $0.4125 based on Closing Date.<\/p>\n
Closing Date: 2009-3-31<\/p>\n
Exchange Dates: 2014-6-30 and every five years thereafter<\/p>\n
Exchange: To and from Series F (“Floaters”), which pay 90-day bills + 485bp, reset quarterly<\/p>\n
Redemption: Every Exchange Date at $25.00. Floaters are also redeemable at $25.50 at any other valid time; it is not clear to me whether they may be redeemed in the period 2014-6-30 to 2019-6-30:<\/p>\n
The Series F Preferred Shares will not be redeemable prior to June 30, 2019.
…<\/b>
$25.50 in the case of redemptions on any other date on or after June 30, 2014 … <\/p><\/blockquote>\n