B Riley (RILY) announced they will be selling a new issue of $25/share baby bonds.
The new bonds will have a maturity date in 2028 and will be early redeemable starting in 2022. If called after 1/31/2022 and prior to 1/31/2023 the call is at $25.75. If after 1/31/2023, but before 1/31/2024 the call is at $25.50. If after 1/31/2024, but before 1/31/2025 the call is at $25.25. After this date they are callable at $25.00. All calls also include accrued, but unpaid interest.
The company plans to call the 2027 7.50% baby bonds (RILYZ)–although whether they call the entire issue or just a portion is not yet known.
This new issue will be unrated by any of the major ratings firms.
The company has many baby bond issues outstanding as well as 2 perpetual preferred issues. They can be seen here.
EarlyBird was right on this one as was J and Ralph.