Our site runs on donations to keep it running for free. Please consider donating if you enjoy your experience here!

Author: Innovative Income Investor

B Riley Financial Upsizes Baby Bond Offering

B Riley Financial (RILY) which had initially announced a new offering of 2 million shares (bonds) has sold the issue and it has upsized the issue to 4.6 million plus an over allotment of 690,000.

The company has announced at least a partial redemption of 7.50% RILYZ notes. There are about 4.4 million shares of the RILYZ outstanding.

The coupon is 6.375%. The issue is rated BBB+ by Egan Jones.

An early redemption date starts on 2/28/2021–the company will pay a 3% premium the 1st year (2021-2022), a 2% premium the second year (2022-2023) and 1% the 3rd year (2023-2024). There after until maturity on 2/28/2025 redemption will be at $25 plus accrued interest.

There likely will be NO Grey Market Trading, but one may be able to secure some before exchange trading by calling their brokerage.

The pricing term sheet can be read here.

Gridbird was on top of this pricing.

Brookfield Property Partners Prices Preferred Units

Brookfield Property Parners (BPY) has priced their new preferred units with a meager coupon of 5.75%.

This issue will generate a K-1 at tax time.

BPY has 2 other issues outstanding which can be seen here.

The pricing term sheet can be read here.

SteveA was right on top of this one.

B Riley Financial Anounces New Baby Bond Offering-UPDATE

UPDATE–the ticker for this will be RILYM when it hits the market in a week (more or less).

Financial firm B Riley Financial (RILY) has announced an offering of new baby bonds.

The new offering will mature in 2025 and will have an early call period starting in 2021. Like many of the B Riley baby bond issues the issue will have a bonus for early redemption–3% the first year, 2% the 2nd and 1% the 3rd year–then at $25 thereafter.

The company plans to use the proceeds to call at least a portion of the 7.50% baby bonds (RILYZ) which become callable 5/31/20

The preliminary prospectus can be read here.

Brookfield Property Partners LP Announces New Preferred Units

Giant Bermuda based partnership Brookfield Property Partners (BPY) has announced a new offering of cumulative, redeemable, perpetual preferred units (preferreds offered by partnerships are called units).

BPY is a giant partnership with over $88 billion in assets.

BPY has 2 other preferred units outstanding which can be seen here–both trade relatively strongly. They have coupons of 6.375% and 6.50% respectively. Neither are redeemable until 2024.

This issue will carry a K-1 with it at tax time.

This issue will be rated BB+ by Standard and Poors–1 notch below investment grade.

The preliminary prospectus can be seen here.

NOTE–watch the brokers for added charges on a purchase. They may classify as foreign and attempt to charge an extra $50.

Thanks to mcg and EarlyBird for being on this early. EarlyBird has yield talk in the 6% area. Most issues lately are coming in a little below the yield talk.

If this coupon does hit the 6% mark I may be buying some of this–assuming it doesn’t come out of the gate ‘hot’.