Equitable calls all C$50 million of noncumulative five-year preferreds

By Tali Rackner

Norfolk, Va., Aug. 21 – Equitable Group Inc. said it will redeem all C$50 million of its series 1 noncumulative five-year rate preferred shares, according to a press release.

The 2 million shares will be redeemed at C$25 per share plus C$0.453125 of accrued dividends on Sept. 30.

Equitable will fund the redemption with proceeds from its recent issuance of C$75 million series 3 noncumulative preferreds.

Equitable Group is a Toronto-based mortgage lender.

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