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Capital Power Corp | Cumulative Rate Reset Preference Shares (CPX.PRC.CA)
Prospectus excerpt: This Prospectus Supplement qualifies the distribution (the "Offering") of 6,000,000 Cumulative Rate Reset Preference Shares, Series 3 (the "Series 3 Shares") of Capital Power Corporation (the "Corporation" and together with its subsidiaries, "Capital Power") at a price of $25.00 per Series 3 Share. See "Details of the Offering" and "Plan of Distribution". The holders of the Series 3 Shares will be entitled to receive fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of the Corporation (the "Board of Directors"), payable quarterly on the last business day of each of March, June, September and December at an annual rate of $1.15 per Series 3 Share for the initial period from and including the Closing Date (as defined herein) to but excluding December 31, 2018 (the "Initial Fixed Rate Period"). The initial dividend, if declared, will be payable on March 28, 2013 and will be $0.3151 per Series 3 Share, based on the anticipated closing of this Offering on December 18, 2012. For each five?year period after the Initial Fixed Rate Period (each, a "Subsequent Fixed Rate Period"), the holders of the Series 3 Shares will be entitled to receive fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors, payable quarterly on the last business day of each of March, June, September and December at the Annual Fixed Dividend Rate (as defined herein). The Corporation will determine on the 30th day prior to the first day of a Subsequent Fixed Rate Period, the annual fixed dividend rate applicable to that Subsequent Fixed Rate Period (the "Annual Fixed Dividend Rate"). Written notice of the Annual Fixed Dividend Rate for the upcoming Subsequent Fixed Rate Period will be provided by the Corporation to the registered holders on the 30th day prior to the first day of a Subsequent Fixed Rate Period. The Annual Fixed Dividend Rate will be equal to the sum of the 5?Year Government of Canada Bond Yield (as defined herein) on the 30th day prior to the first day of a Subsequent Fixed Rate Period plus 3.23%. See “Details of the Offering”. Full Prospectus PDF », CPX.CA Page »
| Series: | 3 | | Alternate symbology: | CPX-C.CA, CPX-PC.CA, CPXprC.CA | | Redeemable?: | Yes | | Call Date: | 12/31/2018 (Now Trading Post Call Date) | | Perpetual?: | Yes | | Cumulative?: | Yes | | Conversion Ratio: | Holders of the Series 3 Shares will have the right, at their option, to convert their Series 3 Shares into Cumulative Floating Rate Preference Shares, Series 4 (the "Series 4 Shares") on the basis of one Series 4 Share for each Series 3 Share, subject to certain conditions, on December 31, 2018 and on December 31 every five years thereafter. Series 4 Shares will be entitled to floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors, payable quarterly on the last business day of each of March, June, September and December in an amount per Series 4 Share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate for any Quarterly Floating Rate Period (as defined herein) will be equal to the sum of the T?Bill Rate (as defined herein) plus 3.23% per annum (calculated on the basis of the actual number of days in the applicable Quarterly Floating Rate Period divided by 365) determined on the Floating Rate Calculation Date (as defined herein). See "Details of the Offering". The Series 3 Shares and Series 4 Shares are series of shares in the same class. The conversion right entitles holders to elect periodically 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 3 Shares and Series 4 Shares are identical in all material respects. | | Shares Offered: | 6000000 | | Overallotment: | 2000000 | | Liquidation Preference: | $25 | | Recent Market Price: | $21.85 | Discount to Liquidation Preference:
(More Preferreds Trading at a Discount ») | $-3.15 (-12.60%) | | Annualized Dividend: | 1.715 | | Recent Ex-Date: | 3/14/2024 | | Current Yield: | 7.85% | | Original Coupon: | 4.60% | | Pay Period: | Quarterly | | Pay Dates: | 31-Mar, 30-Jun, 30-Sep, 31-Dec | | CDx3 Compliance Rating: |
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Capital Power is a North American independent power producer. Co. develops, acquires, owns and operates utility-scale renewable and thermal power generation facilities and manages its related electricity and natural gas portfolio by undertaking trading and marketing activities. Co. builds, owns and operates facilities that include renewables such as wind, solar and waste heat, and thermal such as natural gas and coal. Preferreds: CPX.PRA.CA, CPX.PRC.CA, CPX.PRE.CA
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