Issue: Dundee Corporation Cumulative 5-Year Rate Reset First Preference Shares Series 2<\/p>\n
Size: $100-million (=4-million shares) plus greenshoe $15-million (=600,000 shares)<\/p>\n
Dividends: 6.75% on par value to first Exchange Date, then resets to 5-Year Canada +410bp. Dividends are cumulative. First dividend $0.49469 payable 2009-12-31.<\/p>\n
Exchange Dates: 2014-9-30 and every five years thereafter.<\/p>\n
Convertible: Every Exchange Date to and from Series 3, which pay 3-month Bills + 410, reset quarterly.<\/p>\n
Redeemable: Every Exchange Date at 25.00. There is also a Special Redemption Right. The Series 3 Floaters are redeemable every Exchange Date at 25.00, at all other times 25.50, and also have a Special Redemption Right.<\/p>\n
Special Redemption Right: If anything comes up that would allow the preferred shareholders to vote (e.g., an amalgamation) then the company has a redemption right: $26.25 if redeemed before 2010-9-30; redemption price declines by $0.25 annually until 2014-9-30; redeemable at $25.00 thereafter. Series 3 Floaters are redeemable at 25.00 in such an instance.<\/p>\n
Credit Ratings: S&P: P-3; DBRS: Pfd-3(low)<\/p>\n
Closing: 2009-9-15<\/p>\n
Update<\/b>: It is my understanding that due to strong demand the deal has been increased to 4.6-million shares (=$115-million) plus a 0.6-million share greenshoe (=$15-million).<\/p>\n","protected":false},"excerpt":{"rendered":"
Issue: Dundee Corporation Cumulative 5-Year Rate Reset First Preference Shares Series 2 Size: $100-million (=4-million shares) plus greenshoe $15-million (=600,000 shares) Dividends: 6.75% on par value to first Exchange Date, then resets to 5-Year Canada …<\/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-7652","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7652","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=7652"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7652\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}