RE:RE:Just a Reminder...... The Preferred "B" is not the "B" is a different. Each of the shares "A, C, E, G" have the option of converting into a new type of preferreds "B, D, F, H" (A into B, C into D.....).
Rates are determined differently and I think they reset every 90 days (I'm not 100% sure).... But as you can see, there are no "D, F, H" shares..... and I don't think there will be any time soon which probably indicates that they not such a good idea at this time.
Just my opinion....
Here's what it says for the "G" for conversion... I'm guessing it's different but similar for the "A"
"Option to Convert into Series 8 Preferred Shares
The holders of the Series 7 Preferred Shares will have the right to convert all or any of their shares into an equal number of cumulative redeemable preferred shares, Series 8 of Husky (the “Series 8 Preferred Shares”), subject to certain conditions, on June 30, 2020 and on June 30 in every fifth year thereafter. The holders of the Series 8 Preferred Shares will be entitled to receive, as and when declared by the board of directors of Husky, quarterly floating rate cumulative preferential cash dividends payable on the last day of March, June, September and December in each year (each such quarterly dividend period is referred to as a “Quarterly Floating Rate Period”, as defined herein) in the amount per share determined by multiplying the Floating Quarterly Dividend Rate (as defined herein) for such Quarterly Floating Rate Period by $25.00 and multiplying that product by a fraction, the numerator of which is the actual number of days in such Quarterly Floating Rate Period and the denominator of which is 365 or 366, depending upon the actual number of days in the applicable year (less any tax required to be deducted and withheld by Husky). If any such date is not a business day, the dividend will be paid on the next succeeding business day. The Floating Quarterly Dividend Rate will be the annual rate of interest equal to the sum of the T-Bill Rate (as defined herein) on the applicable Floating Rate Calculation Date (as defined herein) plus a spread of 3.52%. See “Details of the Offering”.
The Series 7 Preferred Shares and Series 8 Preferred Shares are series of shares in the same class. The conversion right entitles holders to elect periodically, subject to certain conditions, which of the two series they wish to hold and does not entitle holders to receive a different class or type of securities. Other than the different dividend rights and redemption rights attached thereto, the Series 7 Preferred Shares and Series 8 Preferred Shares are identical in all material respects."
Capharnaum wrote: What's the difference for the B? How the rate is determined or something else?