AMH has priced their new issue of perpetual preferred stock with a coupon of 6.25%.
The issue will have expected ratings of Ba1 from Moodys and BB from S&P–junk rated.
They will sell 4 million shares with another 600,000 shares for overallotments.
The proceeds will be used to pay off a short term senior note due 11/15/2018.
If one can buy it cheap (like 24.60-24.80) there may be a chance of a very modest flip–for 30-50 cents. Beyond a potential modest flip we have no interest in the issue.
NO OTC Grey Market ticker has been posted as of now (4:45 pm central), but we would expect one tomorrow with trading starting Thursday afternoon or Friday. The issue will have a ticker of AMH-H when it hits the NYSE.