ATCOL sets $25 cash redemption for high-yield Series D & H preferred shares

Rhea-AI Filing Summary

Atlas Corp. (Form 6-K filed 18 Jun 2025) announced formal redemption notices for two preferred equity tranches.

Series D: All outstanding 7.95% Cumulative Redeemable Perpetual Preferred Shares will be redeemed in full on 10 Jul 2025 at $25.00 per share. Holders of record as of close of business 9 Jul 2025 will also receive the regular accrued dividend of $0.386458 per share.

Series H: The company will redeem 8,905,105 of its 7.875% Cumulative Redeemable Perpetual Preferred Shares under the same financial terms ($25.00 redemption price + $0.382813 accrued dividend). After completion, 120,000 Series H shares will remain outstanding and will continue to accrue dividends and trade on the NYSE.

Equiniti Trust Company, LLC is the redemption agent and will remit payment through DTC. The partial Series H redemption will be allocated via impartial lottery per DTC procedures. Once payments are made, the redeemed shares will no longer be deemed outstanding and will cease accruing dividends.

No additional financial, operational, or funding details are provided in this filing.

Positive

• Company established a definitive redemption date (10 Jul 2025) for Series D and partial Series H, providing certainty to preferred shareholders.
• Redemption will end dividend accrual on the redeemed shares after the payment date, as explicitly stated in the filing.

Negative

• None.

Insights

Financial Analyst

TL;DR: Redemption eliminates most high-coupon preferred shares; routine action, no balance-sheet data disclosed—overall neutral impact until funding details known.

The filing is a straightforward notice required under the preferred share terms. Atlas Corp. will redeem 100% of Series D and roughly 98.7% of Series H on 10 Jul 2025 at par plus accrued dividends. After that date, dividend obligations on the redeemed shares cease, as explicitly stated. The document provides no information on how the redemption will be financed, resulting cash outflow, or strategic rationale, so the material financial impact cannot be assessed from this filing alone. Absent those details, the event appears operationally routine and neutral for common equity holders.

Corporate Governance Expert

TL;DR: Company followed charter and SEC notice requirements; clear timeline and impartial lottery for partial Series H redemption—governance impact neutral.

The 6-K demonstrates compliance with redemption procedures: advance written notice, specification of record and payment dates, and designation of Equiniti Trust Company as redemption agent. The partial Series H redemption uses an impartial lottery via DTC, aligning with regulatory fairness standards. There are no indications of disputes or governance concerns, and 120,000 Series H shares remain listed, preserving residual investor rights.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

Commission File Number 001-39237

 

 

ATLAS CORP.

(Exact name of Registrant as specified in its Charter)

 

 

23 Berkeley Square

London, United Kingdom

W1J 6HE

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

 

 

 

Information Contained in this Form 6-K Report

On June 18, 2025, Atlas Corp. (the “Company”) delivered notices of redemption (the “Notices”) to the holders of certain series of the Company’s preferred shares, as follows:

 

  •   The Company delivered notices of redemption to the holders of the Company’s 7.95% Cumulative Redeemable Perpetual Preferred Shares—Series D, par value $0.01 per share (the “Series D Preferred Shares”) calling for the redemption of all of the issued and outstanding Series D Preferred Shares on July 10, 2025 (the “Redemption Date”).

 

  •   The Company delivered notices of redemption to the Holders of the Company’s 7.875% Cumulative Redeemable Perpetual Preferred Shares—Series H, par value $0.01 per share (the “Series H Preferred Shares”) calling for the redemption of 8,905,105 shares (the “Redeemed Series H Preferred Shares”) of the issued and outstanding Series H Preferred Shares on July 10, 2025.

Regular dividends, accrued up to but not including the Redemption Date, of $0.386458 per share on the outstanding shares of the Series D Preferred Shares and of $0.382813 per share on the outstanding Redeemed Series H Preferred Shares will be paid in cash together with the redemption price of $25.00 per share on the Redemption Date, to relevant holders of record determined as of the close of business on July 9, 2025. Unless the Company defaults in the payment of the redemption price of the Series D Preferred Shares or the Redeemed Series H Preferred Shares, on and after the Redemption Date, all shares of Series D Preferred Shares and the Redeemed Series H Preferred Shares will no longer be deemed outstanding, and no further dividends will be declared or payable (and all dividends will cease to accrue) on the Series D Preferred Shares and the Redeemed Series H Preferred Shares. The remaining outstanding 120,000 shares of the Series H Preferred Shares will continue to accrue dividends as usual, and will remain listed on the New York Stock Exchange.

The Series D Preferred Shares and Redeemed Series H Preferred Shares are held through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC. Due to the partial redemption of the Series H Preferred Shares, such shares will be redeemed by an impartial lottery in accordance with the applicable procedures of DTC. Payment to DTC for the Series D Preferred Shares and the Redeemed Series H Preferred Shares will be made by Equiniti Trust Company, LLC, the Company’s redemption agent (the “Redemption Agent”), in accordance with the terms set forth in the Redemption Agent Agreements that governs the redemption of the Series D Preferred Shares and the Redeemed Series H Preferred Shares, respectively.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	 		 	ATLAS CORP.
Date: June 18, 2025	 		 	By:	 	/s/ Peter Li
	 		 		 	Peter Li
			 		 	Secretary and General Counsel

FAQ

When will Atlas Corp. (ATCOL) redeem its Series D preferred shares?

All Series D shares will be redeemed on 10 July 2025.

What payment will Series D holders receive on the redemption date?

They will receive $25.00 per share plus $0.386458 of accrued dividends.

How many Series H preferred shares are being redeemed?

Atlas Corp. will redeem 8,905,105 Series H preferred shares.

Will any Series H shares remain outstanding after the redemption?

Yes, 120,000 Series H shares will remain outstanding and continue to trade on the NYSE.

What is the record date to qualify for the redemption payment?

Holders must be on record at the close of business on 9 July 2025.