By William Gullotti
Buffalo, N.Y., Oct. 6 – Power Corp. of Canada and Power Financial Corp. priced C$200 million of non-cumulative first preferred shares with a 4.5% annual dividend, according to a press release Wednesday.
The company issued 8 million of the series 23 preferred shares at C$25.00 per share.
The issue will be underwritten by BMO Capital Markets, RBC Capital Markets and Scotiabank.
Net proceeds of the completed offering will be used to redeem the outstanding C$200 million first preferred shares, series I.
Power Financial is a Montreal-based diversified financial services management and holding company.
| Issuer: | Power Financial Corp.
|
| Amount: | C$200 million, 8 million shares
|
| Issue: | Non-cumulative first preferred shares, series 23
|
| Underwriters: | BMO Capital Markets, RBC Capital Markets and Scotiabank
|
| Dividend: | 4.5%
|
| Price: | C$25.00 per share
|
| Yield: | 4.5%
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 15
|
| Distribution: | Canada
|
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