{"id":6438,"date":"2009-05-06T12:00:42","date_gmt":"2009-05-06T16:00:42","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6438"},"modified":"2009-05-06T12:00:42","modified_gmt":"2009-05-06T16:00:42","slug":"new-issue-ccs-fixed-reset-725521","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6438","title":{"rendered":"New Issue: CCS Fixed-Reset 7.25%+521"},"content":{"rendered":"<p>Co-operators General Insurance Company has announced a new issue:<\/p>\n<p>Issue Name: Non-cumulative 5-Year Rate Reset Class E Preference Shares, Series D<\/p>\n<p>Issue Size: 4-million shares (=$100-million) + greenshoe 0.6-million shares (=$15-million)<\/p>\n<p>Dividend: 7.25% until first Reset Date. Reset to 5-Year GOC + 521bp on each Reset Date<\/p>\n<p>First Dividend: Payable 2009-9-30, $0.6505 (lovely and fat! Mark your calendars!)<\/p>\n<p>Reset Dates: 2014-6-30 and every five years thereafter.<\/p>\n<p>Redemption: Every Reset Data at 25.00<\/p>\n<p>Exchangeable: Every Reset Date to Series E, pay 3-month Treasury Bills + 521bp, reset quarterly. Series E is redeemable on Reset Dates at 25.00 and at 25.50 at all other times.<\/p>\n<p>Closing Date: Scheduled for May 22<\/p>\n<p>Nice to see a new issue come out, even if the credit is not tip-top (Pfd-3 by DBRS). The extant PerpetualDiscount, CCS.PR.C closed last night at 15.20-49 to yield 8.38-20%<\/p>\n<p><b>Update<\/b>: <a href=\"http:\/\/micro.newswire.ca\/release.cgi?rkey=1705068962&#038;view=27607-0&#038;Start=0\">Press Release<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Co-operators General Insurance Company has announced a new issue: Issue Name: Non-cumulative 5-Year Rate Reset Class E Preference Shares, Series D Issue Size: 4-million shares (=$100-million) + greenshoe 0.6-million shares (=$15-million) Dividend: 7.25% until first &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-6438","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6438","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=6438"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6438\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}