The company will issue the new batch of preferred shares in three tranches. Tranche A will have a cash dividend rate of 7.50%, with a step-up rate of 3% over the yield of 10-year government securities in the secondary debt market if not redeemed on the fifth year after issuance.

Tranche B's cash dividend is 7.625%, with a step-up rate of 3% over the yield of 15-year government securities in the secondary debt market if not redeemed on the seventh year after issuance. Tranche C carries an 8.0% cash dividend rate, with a step-up rate of 3% over the yield on 20-year government securities in the secondary market if not redeemed on the 10th year after issuance.

Write to Cris Larano at cris.larano@dowjones.com

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