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Kinder Morgan Canada Inc. 5.2% Rate Reset Preferred Share New Issue

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Kinder Morgan Canada Inc (KML) is issuing $200M of 5.2% Minimum Rate Reset Cumulative Preferred Shares. The first dividend reset date is Feb-15-2023 at the then efffective 5 year Gov. of Canada bond yield plus 3.51%, provided the rate is not less than 5.2%.

On Feb-15-2023 and every five years thereafter, holders have the option 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 3.57%.

Rating: DBRS Pfd-3(High)

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