PrefBlog

Transcontinental Inc. has announced:

that it will exercise its right to redeem all of its 4 million outstanding Cumulative 5-Year Rate Reset First Preferred Shares, Series D on October 15, 2014 at the price per share of $25.00, for an aggregate total of $100 million. The Corporation intends to finance the share redemption through its revolving credit facility.

The quarterly dividend of $0.4253 per Series D Shares will be the final dividend on the Series D Shares, and will be paid in the usual manner on October 15, 2014 to shareholders of record on October 15, 2014. After October 15, 2014, the Series D Shares will cease to be entitled to dividends and the holders of such shares will not be entitled to exercise any right in respect thereof except that of receiving the redemption amount.

Instruction with respect to receipt of the redemption amount will be set out in the Letter of Transmittal to be transmitted to registered holders of the Series D Shares shortly. Inquiries should be directed to our Registrar and Transfer Agent, CST Trust Company, at 1‑800‑387‑0825 (or in Toronto 416‑682‑3860). Beneficial holders who are not directly the registered holders of these shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

No surprises here! TCL.PR.D is a FixedReset, 6.75%+416, that closed 2009-10-2 after being announced 2009-9-21.

This entry was posted on Thursday, September 11th, 2014 at 6:23 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.