As I noted I had started a position in the Energy Transfer 9.25% preferred (ET-I) last month at a price of $10.01.
Today I doubled up on the position at a price of $9.73. Obviously this meets my hurdle yield of the 8% area–currently yielding 8.7%ish.
This $9.13/share issue is related to the acquisition of Crestwood by Energy Transfer and has a number of interesting conditions. It is my understanding that for the most part even though the shares are trading much higher than $9.13 (liquidation value) that only in the event of a pure cash acquisition can shares be called at $9.13. There are a number of conversion features attached to these shares. As such investors should read the document linked in the ‘security page’ here.