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DBRS lifts 5Banc Split preferreds to Pfd-2 (high)
DBRS said it upgraded the rating of class C preferred shares, series 1 issued by 5Banc Split Inc. to Pfd-2 (high).
The preferred shares were issued as part of a share capital reorganization, where the company redeemed all outstanding class B preferred shares and about 1.59 million class B capital shares belonging to shareholders who elected to exercise a Special Retraction Right on Dec. 15, 2011.
The redemption date for the preferred shares was set to Dec. 15. The company will be redeeming all outstanding preferred shares and the capital shares on Dec. 15, as was confirmed in a press release on Oct. 31, according to DBRS.
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