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TransAlta Corporation Provides Notice of Series C Preferred Shares Conversion Right and Announces Reset Dividend Rates
TransAlta Corporation Provides Notice of Series C Preferred Shares Conversion Right and A...
About this update from Transalta Corporation
[{"type":"text","content":"\n \n \n \n TransAlta Corporation Provides Notice of Series C Preferred Shares Conversion Right and Announces Reset Dividend Rates\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 CALGARY\n \n , AL\n \n ,\n \n \n May 31, 2022\n \n \n /CNW/ - TransAlta Corporation (\"TransAlta\" or the \"Company\") (TSX: TA) (NYSE: TAC) announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding cumulative redeemable rate reset first preferred shares Series C (\"Series C Shares\") (TSX: TA.PR.F) on\n \n June 30, 2022\n \n (the \"Conversion Date\").\n \n \n As a result and subject to certain conditions set out in the prospectus supplement dated\n \n November 23, 2011\n \n relating to the issuance of the Series C Shares, the holders of the Series C Shares will have the right to convert all or any of their Series C Shares into cumulative redeemable floating rate first preferred shares Series D of the Company (\"Series D Shares\") on the basis of one Series D Share for each Series C Share on the Conversion Date.\n \n \n With respect to any Series C Shares that remain outstanding after\n \n June 30, 2022\n \n , holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of TransAlta.  The annual dividend rate for the Series C Shares for the five-year period from and including\n \n June 30, 2022\n \n to but excluding\n \n June 30, 2027\n \n , will be 5.85400%, being equal to the five-year Government of\n \n Canada\n \n bond yield of 2.75400% determined as of today plus 3.10000%, in accordance with the terms of the Series C Shares.\n \n \n With respect to any Series D Shares that may be issued on\n \n June 30, 2022\n \n , holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors of TransAlta. The annual dividend rate for the 3-month floating rate period from and including\n \n June 30, 2022\n \n to b...