Shares will be converted on 9/1/2021. The initial conversion rate was 1.5291 shares of common stock if the common stock is trading at $32.70 or above. If the common stock is trading below $27.25 the conversion is 1.8349 shares of common. For market prices between $27.25 and $32.70 the conversion will be the converted at the rate of $50 divided by the market price. Because of the mandatory conversion we post the preferred and commons stock charts below.
Sector: Utility
South Jersey Industries Inc. 5.625% Junior Subordinated Notes due 2079
Company is private and shares delisted effective 2/17/2023
The company has the right to defer interest payments for up to 40 consecutive quarters without causing a default. Interest will accrue.
Entergy Texas Inc. 5.375% Series A Preferred Stock, Cumulative, No Par Value
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.