Power Corp. Perpetual Fixed Rate Preferrred Share New Issue
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Power Corp.(POW) is issuing $200M of 5.15% fixed rate non-cumulative preferred shares with a first call date of Jul-31-2022 at $26.00 These are fixed rate shares with no reset feature.
The preferred shares are not redeemable prior to Jul-31-2022. After Jul-31-2022, and prior to Jul-31-2023 the redemption price is $26, if redeemed after Jul-31-2023 but prior to Jul-31-2024, $25.75, after Jul-31-2024 but prior to Jul-31-2025 at $25.50, after Jul-31-2025 but prior to Jul-31-2026 at $25.25, after Jul-31-2026 at $25.00
The new issue is expected to open at $25 and is recommended for income.
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