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Canadian Originated Preferred Securities
(redirected from COPrS)

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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.


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From the proceeds of the Debentures, approximately $185 million was used to redeem the Series "A" COPrS on April 24, 2003.
Any credibility of the offer had been destroyed by Pretoria's dispatch of four columns of its armoured coprs on an offensive in Huila province, immediately after announcing its disengagement proposal.
5 million and were used for debt repayment, including the redemption of the Series B COPrS on December 16, 2005, the repayment of unsecured bank loans and for working capital purposes.
 
 
 
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