Each ETF, which will trade on the TSX, seeks to replicate the performance of its "Underlying Index" through entering into a total return swap (the "Swap") with National Bank of Canada or another bank. Any (income account) gains on the Swap generally will only be distributed to redeeming unitholders so that such income generally will not be allocated to unitholders who only trade their units.
After running through the applicable transitional periods respecting the new character conversion rules, the ETFs will replace existing forward contracts, for the sale of Canadian equities at a price based on the performance or inverse performance of the underlying commodity, with cash-settled forward contracts, and will use new unit proceeds to invest in cash equivalents (to be pledged under the cash-settled forwards) rather than in Canadian equities.
Offering of US$250,000 of 2.50% senior unsecured Notes due November 15, 2022 at a price of 99.867%, and 3.50% senior unsecured Notes due November 14, 2042, at a price of 99.43%. Under both Notes the interest is calculated and payable semi-annually.
Offering of $400,000 of 3.75% senior unsecured Debentures, Series E due November 14, 2022 at a price of $999.92, and 5.09% senior unsecured Debentures, Series F due November 14, 2042, at $999.54. Under both series the interest is calculated and payable semi-annually.
Offering by the Corporation of $75 million of 6.5% convertible unsecured subordinated debentures at their principal amount ($1,000 per debenture), with a maturity date of December 31, 2021 and convertible at a conversion price of $6.50 per common share. The interest is payable semi-annually in arrears. The Debentures have been conditionally approved for listing on the TSX.
Offering by the Corporation of $20 million of 6.5% convertible unsecured subordinated debentures at their principal amount ($1,000 per debenture), and with a maturity date of December 31, 2018. The interest is payable semi-annually in arrears. The Debentures are conditionally listed on the TSX.
Offering by ENTREC of $22 million of 7.00% convertible unsecured subordinated debentures at their principal amount ($1,000 per debenture), and with a maturity date of October 31, 2017. The interest is payable semi-annually in arrears.
Offering by NAT of $10 million of 10.00% convertible subordinated debentures at their principal amount ($1,000 per debenture), and with a maturity date of September 30, 2017. The interest is payable semi-annually in arrears. The debentures are partially secured with a limited recourse guarantee of a US subsidiary, namely, a guarantee which is secured by assets with an initial acquisition cost of $5.5 million, and with recourse under the guarantee limited to those assets.
