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Global Net Lease Prices Preferred Issue-UPDATE – OTC Ticker

FINALLY the OTC Grey market ticker has been posted. It is GBLNP–of course now you have to wait on your broker to update their systems.

Diversified triple net lease REIT Global Net Lease (GNL) has priced their new preferred.

The issue comes with a coupon of 6.875% and it will be cumulative, but non qualified.

This is unrated–they will sell 3 million shares plus 450,000 more for over allotments.

The issue WILL trade on the OTC Grey market–likely tomorrow, but the temporary ticker has not been announced–likely one of the folks will post it here in the morning the minute it is announced.

I may/may not have a personal interest in the issue–probably only if it trades at $24.75 or at least below $25–then our interest might only be for a flip.

The pricing term sheet can be found here.

AXA Equitable Holdings Announces Preferred Pricing

Insurance company/asset manager AXA Equitable (EQH) has posted the pricing on the new preferred stock previously announced.

The issue has priced with a fixed rate coupon of 5.25%–slightly better than what I thought it might price.

The issue is non cumulative and qualified and is a fairly large issue with 29 million shares with 4.35 million more for an over allotment.

The shares will trade on the OTC Grey market immediately under ticker AXQEL.

The pricing term sheet can be found here.

Thank you Jerry for having the correct coupon hours ago.

AXA Equitable Holdings Announces New Preferred Stock

Insurance/asset manager AXA Equitable Holdings (EQH) has announced a new issue of non-cumulative, fixed rate, perpetual preferred stock.

No doubt this will be another low coupon issue–readers are guessing 4.75% to 5%.

The issue will be lower investment grade–S&P has the rating at BBB-.

This will be the 1st preferred for AXA (at least for many years).

The preliminary prospectus can be found here.

mcg had this one on the Reader Initiated Alert page a couple hours ago.

QVC Prices New Baby Bond

Online and television retailer QVC (owned by Qurate Retail:QRTEA) has priced the previously announced baby bond.

The issue will carry a coupon of 6.25% on 17.4 million shares (plus 2.6 million over allotment shares).

The issue is low investment grade per S&P and Fitch, but speculative per Moodys.

Being investment grade one would have expected a lower coupon, so this means that holders of the QVCD issue (the currently outstanding 6.375% baby bond), which carries a yield to worst around 5.5% would be a bit better off buying the new issue once it trades (sometime in the next week), assuming it trades in the $25 area.

There will be no OTC Grey market trading in this issue, but if one desires an early purchase a call to your broker might allow you to purchase before permanent market trading.

The pricing term sheet can be read here.

REIT Global Net Lease Announces New Preferred Issue

Triple net lease REIT Global Net Lease (GNL) has announced the sale of a new cumulative, fixed rate, perpetual preferred stock. Of course being a REIT preferred the dividends will be non qualified.

The issue will have an early redemption period in 2024.

The preliminary prospectus can be found here.

The company has 1 other preferred issue outstanding which has a 7.25% coupon (GNL-A) which trades fairly strongly and is at $26.35.

Thanks to Fabrib for being on this one right away this morning.