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Argo Group to Sell Fixed Rate Reset Preferred

Insurance firm Argo Group International (ARGO) will be selling an issue of Resettable Fixed Rate preferred shares.

The issue will be non cumulative, but qualified.

The issue will have a fixed rate until 9/15/2025 after which it will be reset at the 5 year treasury plus a ‘spread’ (unknown as of this moment). It will then reset every 5 years.

‘Yield talk’ is in the 7 to 7.125% area.

The preliminary prospectus can be read here.

The company has 1 outstanding baby bond with a 6.50% coupon which can be seen here.

mcg was right on this one with EarlyBird chiming in.

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