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Kinder Morgan Canada - 5.25% Rate Reset Preferred Shares New Issue

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Kinder Morgan Canada (KML) is issuing $200M of 5.25% Minimum Rate Reset Cumulative Preferred Shares. The first dividend reset date is Nov-22-2022 at which time the Annual Fixed Dividend Rate will be equal to the 5-Year Government of Canada Bond Yield plus 3.65%, provided that, in any event, the rate shall not be less than 5.25%.

On Nov-22-2022 and on Nov-22 and every five years thereafter, 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 3.65%.

This issue is similar to ALA.PR.I currently priced at $26.

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