Power Financial Corp. announced on Friday the successful completion and closing of an offering of $200 million of the corporation’s first preferred shares.
The eight million Non-Cumulative First Preferred Shares, Series L were priced at $25 per share and carry a 5.10% annual dividend. The shares will be listed and posted for trading on the Toronto Stock Exchange under the symbol “PWF.PR.L”. Proceeds from the issue will be used to supplement Power Financial’s financial resources and for general corporate purposes.
The issue was bought by an underwriting group led by BMO Capital Markets and Scotia Capital Inc.
The initial dividend on the Series L Shares in the amount of $0.3074 per share has been declared by the board of directors to be payable on Oct. 31 to shareholders of record at the close of business on Oct. 10.
Power Financial Corp. closes preferred share issue
$200 million in proceeds will be used to supplement company’s financial resources
- By: IE Staff
- August 4, 2006 August 4, 2006
- 09:36
IE Staff