Sector: Utility
Sempra Energy 5.75% Junior Subordinated Notes due 2079
Spire Inc. 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock
Algonquin Power & Utilities Corp 6.20% Fixed-to-Floating Rate Subordinated Notes Series-A due July 1, 2079
Coupon is fixed at 6.2% until 7/1/2024 at which point it floats at 3 month Libor plus a spread of 4.01% until 7/1/2029 at which point it resets at 3 month Libor plus 4.26% and from 7/11/2049 until maturity it resets at 3 month Libor plus 5.01%.
It should be noted that this note contains a deferment provision on interest rate payments. The corporation may defer interest payments on 1 or more occasions for up to 5 consecutive years. Deferred interest will accrue, compounding on each subsequent interest payment date, until paid. No deferral may extend past the maturity date.
National Rural Utilities Cooperative Finance Corp 5.50% Subordinated Notes Due 2064
There is no publicly traded parent stock
Duke Energy Corporation 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock
NextEra Energy Capital Holdings 5.65% Series N Junior Subordinated Debentures due March, 1, 2079
NEE Capital may defer interest payments on the Junior Subordinated Debentures on one or more occasions for up to 10 consecutive years per deferral period as described in this prospectus supplement. Deferred interest payments will accrue additional interest at a rate equal to the interest rate on the Junior Subordinated Debentures, to the extent permitted by applicable law.
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079
This issue contains the following provision which is not unusual for utility baby bonds.
So long as no event of default has occurred and is continuing, we may defer interest payments on one or more occasions for up to 40 consecutive quarterly periods, as described in this prospectus supplement. Any deferred interest payments will bear additional interest at the rate of 5.875% per year, to the extent legally permitted.
So long as no event of default has occurred and is continuing, we may defer interest payments on one or more occasions for up to 40 consecutive quarterly periods, as described in this prospectus supplement. Any deferred interest payments will bear additional interest at the rate of 5.875% per year, to the extent legally permitted.
NiSource 6.50% Series B Fixed Rate Reset Cumulative Redeemable Perpetual Preferred Stock
Coupon is fixed until 3/15/2024 at which time the coupon will be reset at a rate of the 5 Year Treasury plus a spread of 3.632%. It will again be reset on each 5th anniversary until 3/15/2044 at which point an additional 1% will be added to the coupon.