RE:RE:New Press Release - Algonquin Power & Utilities Corp. Announces Conversion Rights for Cumulative Rate Reset Preferred Shares, Series Asee below, option 1 is do nothing keep series A, that's what I'm doing, Series A gets a new fixed rate for 5 yrs until 2028 il be canada 5 yr + 293 bps Series B is floating, changes every quarter. The rate will be announced monday. 3) below - if you do nothing you keep Series A shares. If you go for series B then you hope rates to rise for the next 5 years. If they do we'll have a massive recession.
the new rate on the series A should be around 7% (on $25), so i estimate about 9.3% on $18 (i bought a month ago), about 8.75% on $20. I dont know what the credit rating is, probably not great compared to most bankl prefs.
1. ", the holders of the Series A Preferred Shares have the right to convert all or part of their Series A Preferred Shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series B"
2. The dividend rate applicable to the Series A Preferred Shares for the 5-year period from and including December 31, 2023 to but excluding December 31, 2028 , and the dividend rate applicable to the Series B Preferred Shares for the 3-month period from and including December 31, 2023 to but excluding March 31, 2024 , will be determined and announced by the Company by way of a news release on December 4, 2023 .
3. Holders of Series A Preferred Shares who do not exercise their right to convert their Series A Preferred Shares into Series B Preferred Shares on the Conversion Date will retain their Series A Preferred Shares.