Randy LeClairTC Energy Pref BTRP.PR.B.TOCOMMENTSep 08, 2014

Preferred Series B. 5-year reset that expires in 2015. On these resets, in 5 years time, the company will either redeem it, or it will go to Reset and the company has the option to go fixed or floating at the predetermined reset spread over a 5-year Canada for the fixed portion, or that same spread over a T-Bill. It will run for another 5 years as a floater, and will probably float down. The reset spread that was 1^st established 4 years ago was only 128 basis points. That is not really big on a five-year bond. He tends to shy away from these things.