Retail Supplier Comments Further On Common Stock Dividend; Announces Dividend on Preferred Stock
July 20, 2023 Email This Story Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
The following story is brought free of charge to readers byVertexOne, the exclusive EDI provider of EnergyChoiceMatters.com
Via Renewables, Inc. ('Via Renewables' or the 'Company') announced today that, in accordance with the terms of the 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock ('Series A Preferred Stock') of the Company, the Board of Directors has declared a quarterly cash dividend in the amount of $0.75922 per share on the Series A Preferred Stock.
The dividend will be paid on October 16, 2023 to holders of record of Via Renewables’ Series A Preferred Stock on October 1, 2023. The floating rate period for the Series A Preferred Stock began on April 15, 2022, Via Renewables said
"In accordance with the Adjustable Interest Rate (LIBOR) Act (the 'LIBOR Act') and the final regulations promulgated pursuant thereto by the Board of Governors of the Federal Reserve System ('Board'), the LIBOR Act specifies that the replacement benchmark rate on the Series A Preferred Stock following Three-Month LIBOR’s end of publication on June 30,2023 is Three-Month CME Term SOFR, as administered by CME Group Benchmark Administration, Ltd. (or any successor administrator), plus a tenor spread adjustment of 0.26161%," Via Renewables said
Via Renewables stated, "The Board will continue to re-evaluate the payment of the quarterly common stock dividend as market conditions evolve. The Company previously elected to suspend its common stock dividend seeking to enhance its financial flexibility and improve its ability to manage market volatility while focusing on strengthening its balance sheet and investing in both organic and inorganic customer growth."