These preferred shares
are expected to be listed on the PSE on June 25.
USD 0.2375 per share on paid-up Class B Preferred Shares
collectively acted as Brazilian underwriters with respect to the sale of preferred shares
in the public offering with restricted placement efforts in Brazil.
The Series S Preferred Shares
will continue to pay a monthly floating adjustable cash dividend for the five-year period beginning on November 1, 2016, as and when declared by the Board of Directors of BCE.
The company utilised the present cash balances to fund the redemption of the Preferred Shares
, which totalled USD15,186,987.
Although the banking group had earlier planned to repay the funds by the deadline Saturday, it had decided to postpone the repayment because repurchasing preferred shares
based on the current slumping stock price would cause a loss for the government, according to industry observers.
The $250 million of preferred shares
Axis now says it will sell are 7.50% Series B shares with a liquidation preference of $100 a share.
The preferred shares
are rated Pfd-3 (High) by Dominion Bond Rating Service (DBRS) and P-3 (High) by Standard and Poor's (S&P).
In either case, the preferred share
issuer would forgo interest deductions in exchange for a reduced "interest rate" paid in the form of a fixed return on preferred shares
Equity REIT shares have outperformed the broader market this year, and REITs continue to attract investors through a variety of avenues, including the lesser known option of perpetual preferred shares
. What are these half-bond, half-stock vehicles and how are they impacting the capital flows to public companies?
Simply put, preferred shares
are a hybrid security offered by companies large and small, something of a cross between bonds and common stock.