Capital Power (TSE:CPX) has released an update.
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Capital Power Corporation has initiated a consent solicitation to propose amendments for its $350M 7.95% Fixed-to-Fixed Rate Subordinated Notes, Series 1, allowing holders to exchange these for a new series with similar economic terms. The amendments aim to equalize the ranking of the new Series 3 Notes with existing Series 2 Notes in the event of bankruptcy and related events. Upon successful exchange, the Series 3 Notes are expected to maintain a BB rating with a stable trend by Morningstar DBRS.
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