PrefBlog

CCS.PR.D, the new FixedReset 7.25%+521 announced May 6, had an entirely respectable market debut, trading 539,155 shares in a range of 25.30-69 before closing at 25.30-35, 7×2.

Co-operators announced:

that it has closed its bought deal offering (the “Offering”) of $100 million of Non-Cumulative 5-Year Rate Reset Class E Preference Shares, Series D (the “Series D Preference Shares”) underwritten by a syndicate of underwriters co-led by Scotia Capital Inc. and TD Securities Inc. and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Blackmont Capital Inc., Dundee Securities Corporation and Industrial Alliance Securities Inc. (collectively, the “Underwriters”).

The Company entered into an underwriting agreement dated as of May 7, 2009 with the Underwriters pursuant to which the Underwriters agreed to purchase from Co-operators General and sell to the public 4,000,000 Series D Preference Shares at a price of $25.00 per Series D Preference Share for gross proceeds to the Company of $100,000,000.

The greenshoe was for 600,000 shares and it looks like it was not exercised.

CCS.PR.D will be tracked by HIMIPref™, but is relegated to the “Scraps” index on credit concerns.

This entry was posted on Saturday, May 23rd, 2009 at 1:49 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.