Babcock and Wilcox Enterprises (BW) has announced they will be selling a new issue of preferred stock. They plan to sell 2 million shares with another 300,000 available for over allotment.
This issue will be cumulative and qualified (assuming they have income).
The permanent ticker will be BW-A, when and if it reaches the permanent exchange. No OTC grey market ticker has been announced and the issue is not priced yet.
Note in the preliminary prospectus the company has no CURRENT ability to pay dividends on either their common or this new preferred issue until they can get their credit agreement modified as the agreement does not allow dividends.
Please note this company is not profitable and there is plenty of risk owning shares in this company.
BW has an issue of 8.125% baby bonds outstanding that trade fairly well.
aview was on top of this late date filing.
Yield talk is 7.75-8% per EarlyBird.