Capital Power to redeem series 9 preference shares on Sept. 30

By Mary-Katherine Stinson

Lexington, Ky., Aug. 19 – Capital Power Corp. will redeem all of its 6 million issued and outstanding 5.75% cumulative minimum-rate reset preference shares, series 9 on Sept. 30, according to a press release.

The redemption price will be par of $25 per share for a total of $150 million minus any required tax deductions or withholding.

The final quarterly dividend of $0.359375 per series 9 share payable on Sept. 30 will be paid separately on the redemption date and is not included in the redemption price.

As previously reported, the company stated it intended to redeem the shares with proceeds from a new offering of green hybrid subordinated debt securities.

Capital Power is an Edmonton, Alta.-based power producer.

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