Plenty of news out there today to add a little excitement to the day.
As usual all the folks on the website are on top of the news—mostly found in the Readers Alert Section. You can always count on someone to be right on top of the news–crowd sourced I guess you could call it.
MLP Nustar (NS) is being bought by Sonoco LP (SUN) is a $7 billion deal. Nustar has a number of preferreds outstanding as well as a fixed to floating rate note. Most of the issues are trading down this morning as it appears they will be redeemed in the deal. The Sunoco press release is here.
Also B Riley (RILY) is making news again with continued short seller reports on irregularities in some of their deal making—which of course RILY continues to deny. As happens all of their baby bonds and common share are trading lower. A Bloomberg article is here.
Lastly is CHS going to merge with another cooperative? Here is an article from late last week.
given the history of mergers/takeouts last few years, was wondering on the CHS change of control, apparently strong. I want no stranded, unlisted pfds don’t care if they are ‘paying’ no thanx. Have the Ls. Bea …’In the event of a change in control, each holder of the Class B Preferred Stock will have the right, for a period of 90 days from the date of the change in control, to require the Issuer to redeem the shares owned by that holder at $25.00 per share plus all accumulated and unpaid dividends.’
Sold the NSS a while back for a $2 gain over my basis..and several int pmts, was way over par..another rule of mine..ya never know what is coming, book it Danno..
I share your concern Bea. I too an always worried during these deals of a delisting, etc.
CHS would be the acquiring company, so how could there be a change of control?
if you are not paying attention to all these change of control provisions when you buy a pfd seller/acquirer/ AND credit implications etc. it is on you, good luck. Glad I do. Bea
Why would you assume CHS would be the acquiring company? Just because it is bigger?
RILYO matures this year and yet it was selling below $24 today. I was tempted to buy more but already have more than my typical full amount.
Growmark has some business involvement with petroleum manufacturing and products. Picture of one of the lubricants equipment on their website seems on the small side. Involvement in anything petroleum related can have wide swings in profit and loss.
Anyone involved in ag on here have an opinion?
Also, I didn’t see anything on their website about offering finances to their members. Trying to understand. FS service members own the growmark distribution and manufacturing company. How profitable is it compared to CHS? I haven’t looked yet to see if Growmark has outstanding bonds and what they are rated if they do.