7/3/2025
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mREIT New Residential Investment (NRZ) will be offering a new issue of fixed-to-floating rate preferred stock.
The issue will trade with a permanent ticker of NRZ-C. The company has 2 other fixed-to-floating rate issues outstanding which can be seen here. Both issues trade relatively strongly.
The preliminary prospectus can be read here.
Affinity4Investing was quick on the draw on this one with mcg right with him/her.
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 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.
OXLC has filed an investor presentation with the SEC.
This presentation covers just the last year or so–which certainly looks better than looking back 5-7 years.
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