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Power Corporation and Power Financial Announce Closing of Power Financial Preferred Share Issue
Power Corporation and Power Financial Announce Closing of Power Financial Preferred Share...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n \n \n \n Power Corporation and Power Financial Announce Closing of Power Financial Preferred Share Issue\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n Readers are referred to the section \"Forward-Looking Statements\" at the end of this release. All figures are expressed in Canadian dollars.\n \n \n MONTRÉAL,\n \n Oct. 15, 2021\n \n /CNW Telbec/ - Power Corporation of\n \n Canada\n \n (\"Power Corporation\" or \"PCC\") (TSX: POW) and Power Financial Corporation (\"Power Financial\" or \"PFC\") announced today the closing of Power Financial's previously announced offering of 8,000,000 4.50% Non-Cumulative First Preferred Shares, Series 23 in the capital of Power Financial (the \"Series 23 Shares\") priced at\n \n $25.00\n \n per share for gross proceeds of\n \n $200 million\n \n . The issue was bought by a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotiabank.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The Series 23 Shares will be listed and posted for trading on the Toronto Stock Exchange under the symbol \"PWF.PF.A\". The net proceeds of this offering will be used by Power Financial for general corporate purposes. Power Financial intends to redeem all of its outstanding\n \n $200 million\n \n 6.00% Non-Cumulative First Preferred Shares, Series I.\n \n \n The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in\n \n the United States\n \n absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.\n \n \n About Power Corporation\n \n \n Power Corporation of\n \n Canada\n \n is an international management and holding company th...