Business: TransAlta Corp. Cumulative Rate Reset First Preferred Shares, Series C, liquidation preference $25 Canadian dollars per share, redeemable at the issuer's option on 06/30/2017 and every June 30th in every fifth year thereafter at $25 Canadian dollars per share plus accrued and unpaid dividends, and with no stated maturity.<p> Cumulative distributions of the Annual Fixed Dividend Rate will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The Annual Fixed Dividend Rate will be 4.60% until the first redemption date, then it will be equal to the sum of the Non-Callable 5 Year Government of Canada bond on the applicable fixed rate calculation date plus 3.10%, resetting every 5 years thereafter on applicable fixed rate calculation date (see prospectus for more details). <p> On 06/30/2017 and every June 30th in every fifth year there after the holder will have the right to convert their Cumulative Rate Reset First Preferred Shares, Series C into Cumulative Redeemable Floating Rate First Preferred Shares, Series D (see prospectus for more details). <p> In regard to the payment of distributions and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.