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Capital Power selling C$150M of preferred shares to reduce debt

Capital PowerCorp. plans to issue C$150 million worth of series 7 preferredshares to reduce debt under its credit facilities.

The company will issue 6 million cumulative minimum rate resetshares at C$25.00 apiece on a bought-deal basis with a syndicate ofunderwriters, co-led by TD Securities Inc. and CIBC Capital Markets, accordingto a news release.

The underwriters also have an option to purchase up to anadditional 2 million shares for additional proceeds of up to C$50 million.

The shares offer a fixed annual dividend of C$1.50, payablequarterly and yielding 6% yearly. The first quarterly dividend of 36.16Canadian cents per share is expected to be paid Dec. 30.

The series 7 shares are convertible into series 8 cumulativefloating rate preference shares on Dec. 31, 2021, and every five yearsthereafter.

The series 7 shares received preliminary ratings of P-3 fromS&P Global Ratings and Pfd-3 (low) from DBRS Ltd.

S&P Ratings andS&P Global Market Intelligence are owned by S&P Global Inc.