Artis REIT - 6% Minimum Rate Reset Preferred Units New Issue
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Artis REIT (AX.UN, AX.PR.A,E,G,U) is issuing $100M of 6% Minimum Rate Reset Cumulative Preferred Units.(Series I) The first dividend reset date is Apr-30-2023 at the then efffective 5 year Gov. of Canada bond yield plus 3.93%, provided the rate is not less than 6%.
On Apr-30-2023 and on Apr-30 and every five years thereafter, holders have the option to convert into an equal number cumulative floating rate preferred units with a floating quarterly dividend rate for a quarter equal to the 3-month Government of Canada TBill Rate plus 3.93%.
Rating: S&P Pfd-3(low)
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