Innovative Income Investor | Innovative Income Investor

RiverNorth/Doubleline $10 Term Preferred Ready to Trade

Folks are noting that the new RiverNorth/Doubleline Strategic Opportunity Fund $10/Share 6% Term Preferred (OPP-C) is ready to trade.

It looks to me that a few early shares sold at $14–that is crazy and will likely correct itself quickly. For a test I tried to put in an order on Fido for 100 shares–got the Mother Fido message ‘maximum shares allowed has been exceeded’ (or something like that). Changed to 25 shares at $9.75 and it took-we’ll see what happens–not one I really want to own that badly.

This one is ‘thin’ with just 419,000 shares outstanding–God forbid someone puts in a ‘market’ order.

Eagle Point Credit Co. Prices New Baby Bonds

CLO owner Eagle Point Credit Company has priced their new issues of baby bonds.

The baby bonds, which mature in 2030 are priced at 7.75%. This is a large 4 million share (bond) issue–actually made possible by the companys aggressive ‘at the money’ common share sales program.

The pricing term sheet is here.

Headlines of Interest to Holders of Preferreds and Baby Bonds

Below are press releases from companys with preferred stock and/or baby bonds outstanding–or just news of general interest. Earnings season is pretty much over so we will have slow news days for a month or two.

Global Ship Lease Declares Quarterly Dividend on its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares

DTE Energy sets 2025 annual meeting date

Gabelli Dividend & Income Trust Increases Annual Distribution 27% to $1.68 From $1.32 and Monthly Distribution Rate to $0.14 From $0.11

Global Ship Lease Announces Agreement to Acquire Four High-Reefer ECO Containerships on Multi-Year Charters, with 10-Year Financing Committed

U-Haul Holding Company Announces Quarterly Cash Dividend

AM Best Withdraws Issue Credit Ratings for American Equity Investment Life Holding Company

Greenidge Generation Announces Sale of South Carolina Property to Data Journey for $12.1 Million and 8% Stake in Planned Data Center’s Profits

Corebridge Financial Baby Bonds Getting Ready to Trade

For those that have an interest it appears the new 6.375% Junior Subordinated Notes from Corebridge Financial (CRBG) is ready to trade any hour now. At least eTrade and Fido have finally gotten the ticker on their websites. The ticker will be CRBD.

Ready Capital Prices Baby Bond Issue

Ready Capital (RC) has priced their new issue of baby bonds with a high coupon of 9%. The early redemption period starts 12/15/2026 with maturity on 12/15/2029.

2 baby bonds that are currently outstanding from RC are trading with current yields around 5.90% and 6.38% respectively–could be messy for these 2 issues tomorrow.

The pricing term sheet can be read here.