Global Credit Pref Corp. Announcement.TORONTO -- Global Credit Pref. Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :GPA GPA abbr. grade point average Noun 1. GPA - a measure of a student's academic achievement at a college or university; calculated by dividing the total number of grade points received by the total number attempted .PR.A) - Standard & Poor's Ratings Services yesterday placed its ratings on Global Credit Pref Corp.'s P-2 rated preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. on CreditWatch with negative implications. The rating on the preferred shares of Global Credit Pref Corp. mirrors the BBB/Watch Neg. rating of the C$63.866 million fixed-rate static portfolio credit linked note issued by The Toronto-Dominion Bank. The CreditWatch action on the credit linked note is due to the bankruptcy filing of Dana Corporation. Global Credit Pref Corp. has exposure to a credit linked note issued by The Toronto-Dominion Bank and held by Global Credit Trust, the return on which is linked to the credit performance of 129 companies in an equally weighted portfolio (the "CLN CLN Clean CLN Community Learning Network CLN Colon CLN Celsion Corporation CLN Class Library for Numbers CLN Credit Linked Note CLN Comitato di Liberazione Nazionale (Committee of National Liberation) CLN Corn Lethal Necrosis Portfolio"). The return on the credit linked note is linked to the number of defaults experienced over its term among the reference entities in the CLN Portfolio. The credit linked note has been structured so that it is unaffected by the first net losses on the CLN Portfolio up to 5.12% of the initial value of the CLN Portfolio (representing defaults by 11 companies in a CLN Portfolio comprised of 129 companies), based on a 40% fixed recovery rate. Global Credit Pref Corp.'s capacity to return $25.00 per preferred share on the scheduled redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. of September 30, 2015 and the payment of quarterly fixed cumulative preferential distributions of $0.3281 per preferred share (a 5.25% yield on the original subscription price of $25.00 per preferred share) will not be affected by the anticipated default arising from this bankruptcy filing of Dana Corporation. The preferred shares are listed for trading on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol GPA.PR.A. Global Credit Pref Corp. (TSX:GPA.PR.A) |
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