{"id":8101,"date":"2009-10-01T11:20:59","date_gmt":"2009-10-01T15:20:59","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=8101"},"modified":"2009-10-01T11:20:59","modified_gmt":"2009-10-01T15:20:59","slug":"new-issue-pwf-580-straight","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=8101","title":{"rendered":"New Issue: PWF 5.80% Straight"},"content":{"rendered":"

Hard on the heels of the GWO 5.65% Straight<\/a> announced last week comes an announcement from Power Financial Corporation<\/a>:<\/p>\n

Power Financial Corporation announced today that it has agreed to issue 6,000,000 Non-Cumulative First Preferred Shares, Series O (the \u201cSeries O Shares\u201d) on a bought deal basis, for gross proceeds of $150 million. The Series O Shares will be priced at $25.00 per share and will carry an annual dividend yield of 5.80%. Closing is expected on or about October 9, 2009. The issue will be underwritten by a syndicate of underwriters led by BMO Capital Markets, Scotia Capital Inc. and RBC Capital Markets.<\/p>\n

Power Financial has also granted the underwriters an option to purchase an additional 4,000,000 Series O Shares at the same offering price. Should the underwriters’ option be exercised fully, the total gross proceeds of the Series O Share offering will be $250 million.<\/p>\n

Proceeds from the issue will be used to supplement the Corporation\u2019s financial resources and for general corporate purposes.<\/p><\/blockquote>\n

The first dividend will be $0.45288 payable 2010-1-31 based on closing 2009-10-9<\/p>\n

The shares are redeemable at 26.00 commencing 2014-10-31; the redemption price declines by $0.25 annually until 2018-10-31; redeemable at 25.00 thereafter.<\/p>\n

Update<\/b>: The issue may be compared with extant PWF issues outstanding:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
PWF Comparables
As of Close 2009-9-30<\/td>\n<\/tr>\n
Ticker<\/td>\nDividend<\/td>\nQuote<\/td>\nBid-YTW<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\n1.375<\/td>\n23.70-00<\/td>\n5.86%<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\n1.3125<\/td>\n22.71-85<\/td>\n5.88%<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\n1.475<\/td>\n25.08-45<\/td>\n5.98%<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\n1.4375<\/td>\n24.76-93<\/td>\n5.90%<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\n1.50<\/td>\n25.16-23<\/td>\n6.06%<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\n1.2375<\/td>\n21.45-64<\/td>\n5.88%<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\n1.275<\/td>\n22.47-69<\/td>\n5.77%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hard on the heels of the GWO 5.65% Straight announced last week comes an announcement from Power Financial Corporation: Power Financial Corporation announced today that it has agreed to issue 6,000,000 Non-Cumulative First Preferred Shares, …<\/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-8101","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8101","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=8101"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8101\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}