BDC Investcorp Credit Management(ICMB)has announced a new $1,000 note issue with a maturity in 2026.
The company will call the 6.125% baby bonds (CMFNL) with the proceeds.
It will be interesting to see how low this issue is priced given the Horizon Technology Finance (HRZN) priced yesterday at 4.875%.
The new note prospectus is here.
It is obvious that everything that is redeemable by a company that is solvent will be redeemed ASAP.
Apparently those ICMB 2026 notes priced at 4.875%:
https://www.prnewswire.com/news-releases/investcorp-credit-management-bdc-inc-prices-public-offering-of-65-million-of-4-875-notes-due-2026–301255418.html
Why such a low rate. when the holding company only has moodys Ba2 negative
Because it is BBB from mighty Egan-Jones.
The baby bonds call was effective April 26. Did all brokers post the accrued interest (for the period from April 1 to April 25) when the bond redemption occurred, or did some brokers NOT post accrued interest?