In addition to the redemption of CGI.PR.B, Morgan Meighen & Associates has announced:
The Company further announced today that it has entered into an agreement with a syndicate of investment dealers led by Scotia Capital Inc. pursuant to which the syndicate has agreed to purchase 3,000,000 3.75% Cumulative Redeemable Class A Preference Shares, Series 4 of the Company (the “Series 4 Shares”) for gross proceeds of $75,000,000. The net proceeds of the offering, which is expected to close on May 30, 2013, will be used, together with available cash, to repay the short-term loan entered into to fund the redemption of the Series 2 Shares.
I am advised that this issue is retractible on or after June 15, 2023, for $25.00 cash. The issue may be called at $26.00 commencing June 15, 2018; the redemption price declines by 0.25 every June 15 until June 15, 2022; redeemable at 25.00 thereafter.
Angry pedants are advised that I consider this issue to be a Split Share because all of it’s credit quality is derived from an underlying investment portfolio; CGI is not an operating company.
Update, 2016-4-14: Trades as CGI.PR.D
[…] is a SplitShare, 10-Year Retractible, 3.75%, announced April 29. The issue will be tracked by HIMIPref™ and is assigned to the SplitShares […]
[…] is a SplitShare, 10-Year Retractible, 3.75%, that commenced trading 2013-5-30 after being announced 2013-4-29. The issue has been tracked by HIMIPref™ and despite its excellent credit quality, has been […]