Capital Power Corp. 5.75% Rate Reset Preferred Share New Issue
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Capital Power Corp is issuing $125M of 5.75% Minimum Rate Reset Cumulative Preferred Shares. The first dividend reset date is Sept-30-2022 at which time the Annual Fixed Dividend Rate will be equal to the 5-Year Government of Canada Bond Yield plus 4.12%, provided that, in any event, the rate shall not be less than 5.75%.
On Sept-30-2022 and on Sept-30 every five years thereafter, the holders will have the right to elect to convert into an equal number Cumulative Floating Rate Preferred shares with a Floating Quarterly Dividend Rate for a quarter equal to the 3-month Government of Canada TBill Rate plus 4.12%.
The new issue is expected to open at $25 and is recommended.
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