Hi Flip,
The way the remarketing process works is as follows.
ELD proposes a yield.
If they dont get it at the yield they want, then the stepup figure applies.
Conversion or redemption only occurs if they feel the stepup rate is too high.
Holder does not have the right to enforce either redemption or conversion, if they wish to continue at this higher rate.
Still very good value, provided they survive, and management doesn't find a way to do a "babcock" on the pa's.
cheers
hold eldpa's
hybrid divis - why suspend for 2 years?, page-9
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$8.86 |
Change
0.270(3.14%) |
Mkt cap ! $1.400B | |||
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