TSX:KEYOil and Gas
Will Keyera's (TSX:KEY) Hybrid Note Revamp Alter Its Risk and Capital Efficiency Story?
Keyera Corp. recently commenced a consent solicitation to amend terms on its CA$950 million of subordinated notes, seeking approval from noteholders to exchange existing notes for new ones without automatic conversion to preferred shares in bankruptcy scenarios while retaining essentially identical economic terms.
This initiative aims to harmonize the terms of all the company’s hybrid securities, potentially optimizing its capital structure and aligning treatment by credit rating...