09:34 AM EDT, 07/29/2024 (MT Newswires) -- Capital Power ( CPXWF ) is soliciting consents from holders of its $350 million 7.95% Fixed-to-Fixed Rate Subordinated Notes, Series 1, due September 9, 2082. Deadline for submission of the consents is August 14.

The solicitation is seeking to obtain approval for certain proposed amendments, including allowing holders to exchange their series 1 Notes for an equal amount of a new series of notes (Series 3 Notes). Holders of at least 66.66% of the Series 1 notes must agree to the exchange.

The removal of certain provisions also mean the Series 3 Notes would rank equally in right of payment with the $450 million 8.125% Fixed-to-Fixed Subordinated Notes, Series 2, due June 5, 2054, Capital Power ( CPXWF ) said. Following the note exchange, Morningstar DBRS is expected to confirm the instrument rating of the Series 3 Notes at BB with a Stable trend.

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