Power Financial Corporation

Power Financial Corporation

October 07, 2005 09:41 ET

Power Financial Corporation: Closing of Preferred Share Issue

MONTREAL, QUEBEC--(CCNMatthews - Oct. 7, 2005) - Power Financial Corporation (TSX:PWF) announced today the successful completion and closing of an offering of $250 million of the Corporation's first preferred shares.

The 10,000,000 Non-Cumulative First Preferred Shares, Series K were priced at $25.00 and carry a 4.95% annual dividend. The shares will be listed and posted for trading on the Toronto Stock Exchange under the symbol "PWF.PR.K". Proceeds from the issue will be used to supplement Power Financial's financial resources, to repay the Corporation's $150 million principal amount of 7.65% debentures when they mature on January 5, 2006 and for general corporate purposes.

The issue was bought by an underwriting group led by BMO Nesbitt Burns Inc.

Power Financial Corporation is a diversified management and holding company that has interests, directly and indirectly, in companies that are active in the financial services sector in Canada, the United States and Europe and has substantial holdings in a group of major media and entertainment, energy, water, waste services and specialty minerals companies in Europe.

Contact Information

  • Power Financial Corporation
    Mr. Edward Johnson
    Senior Vice-President, General Counsel and Secretary
    (514) 286-7400