Canadian Originated Preferred Securities

(redirected from COPrS)

Canadian Originated Preferred Securities

A security that combines aspects of preferred stock and long-term debt issues. It is structured as a bond and pays interest instead of dividends, but provides higher yields than Canadian bonds. COPrS are subordinated to other debt but are ahead of preferred stock. The interest may be stopped for up to five years, but only if dividends for common stock have been stopped first. They are taxable investments.
References in periodicals archive ?
Contract notice: Maintenance, repair and rehabilitation of buildings (11 lots, 4 coprs state)
SHARE CAPITAL Issued and outstanding February 29, August 31, 2004 2003 Number of Securities $ $ February 29, August 31, 2004 2003 11,359,932 11,360,432 Class A Shares 2,490 2,491 218,409,092 220,496,092 Class B Non-Voting Shares 2,087,592 2,107,464 229,769,024 231,856,524 2,090,082 2,109,955 EQUITY INSTRUMENTS COPrS - 5,700,000 5,700,000 8.
SHARE CAPITAL Issued and outstanding November 30, August 31, 2003 2003 Number of Securities $ $ November 30, August 31, 2003 2003 11,359,932 11,360,432 Class A Shares 2,490 2,491 219,403,092 220,496,092 Class B Non-Voting Shares 2,097,014 2,107,464 230,763,024 231,856,524 2,099,504 2,109,955 EQUITY INSTRUMENTS COPrS - 5,700,000 5,700,000 8.
SHARE CAPITAL Issued and outstanding Number of Securities August 31, August 31, 2003 2002 2003 2002 $ $ 11,360,432 11,373,972 Class A Shares 2,491 2,493 220,496,092 220,473,552 Class B Non-Voting Shares 2,107,464 2,107,367 231,856,524 231,847,524 2,109,955 2,109,860 EQUITY INSTRUMENTS COPrS - 5,700,000 5,700,000 8.
The total debt to capital ratio is expected to increase to the low 40% area from the current 31%, treating the proposed COPrS issue as equity.
SHARE CAPITAL Issued and outstanding Number of Securities May 31, August 31, May 31, August 31, 2003 2002 2003 2002 $ $ 11,362,232 11,373,972 Class A Shares 2,491 2,493 220,485,292 220,473,552 Class B non-voting Shares 2,107,369 2,107,367 231,847,524 231,847,524 2,109,860 2,109,860 EQUITY INSTRUMENTS COPrS - 5,700,000 5,700,000 8.
The COPrS will be issued in both US$ and C$ tranches.
SHARE CAPITAL Issued and outstanding November 30, August 31, 2002 2002 Number of Securities $ $ November 30, August 31, 2002 2002 11,363,172 11,373,972 Class A Shares 2,491 2,493 220,484,352 220,473,552 Class B non-voting Shares 2,107,369 2,107,367 231,847,524 231,847,524 2,109,860 2,109,860 EQUITY INSTRUMENTS COPrS - 5,700,000 5,700,000 8.
875% COPrS of $150 million and SHELS IV of approximately $43 million; Cancom's issuance of a $250 million structured note; and the addition of Big Pipe's credit facility of $50 million.
Issued and outstanding May 31, August 31, 2002 2001 Number of Shares $ $ May 31, August 31, 2002 2001 11,402,172 11,403,972 Class A Shares 2,499 2,499 220,445,352 220,368,357 Class B Shares 2,107,361 2,106,569 231,847,524 231,772,329 2,109,860 2,109,068 EQUITY INSTRUMENTS COPrS 5,700,000 5,700,000 8.
SHARE CAPITAL Issued and outstanding November 30, August 31, 2001 2001 Number of Shares $ $ November 30, August 31, 2001 2001 11,402,172 11,403,972 Class A Shares 2,499 2,499 220,387,913 220,368,357 Class B Shares 2,106,836 2,106,569 231,790,085 231,772,329 2,109,335 2,109,068 EQUITY INSTRUMENTS COPrS 5,700,000 5,700,000 8.
875% COPrS and $40 million from SHELS IV, both issued October 2000.