Exploration & Production | Finance & Investing | Capital Markets
Husky Energy Raises $100 MM for Heavy Oil Development
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Husky Energy has agreed to issue to a syndicate of underwriters led by RBC Capital Markets, BMO Capital Markets and Scotia Capital Inc. for distribution to the public 6,000,000 Cumulative Redeemable Preferred Shares, Series 7.
The Series 7 Shares will be issued at a price of $25.00 per Series 7 Share, for aggregate gross proceeds of $150 million. Holders of the Series 7 Shares will be entitled to receive a cumulative quarterly fixed dividend yielding 4.60 percent annually for the initial period ending June 30, 2020. Thereafter, the dividend rate will be reset every five years at a rate equal to the five-year Government of Canada bond yield plus 3.52 percent.
Holders of Series 7 Shares will have the right, at their option, to convert their shares into Cumulative Redeemable Preferred Shares…
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