The sun has set on Hydro One's proposed takeover of Avista. Pauoa Bay, Kohala Coast, Hawai'i. Copyright © 2015 Felix Choo / dingobear photography. Photo may not be reproduced without permission.
***
Earlier today, Hydro One decided to put its proposed acquisition of Washington state-based Avista on ice ... you can read the official press release here. As a result of this development, Hydro One also concurrently announced that it would be redeeming its convertible debentures as represented by instalment receipts (symbol: H.IR, previous Peanut Power Ranking of #26), effective February 8, 2019. Details here.
The bottom line is that an investor who managed to get in on the offering and pay the initial $333 per $1000 par value of instalment receipts will get paid out at the same price he or she paid for the receipts, all the while receiving a nice effective coupon of 12% per annum in the meantime. Not a bad result.
No comments:
Post a Comment