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.
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.