The new PhenixFin Corporation (PFX) baby bond was priced.
The issue prices at 5.25% for 2 million shares with another 300,000 available for over-allotments.
Being debt there will be no OTC trading prior to the permanent marketplace. A call to you brokers bond desk may snag you shares if you want some prior to exchange trading.
The pricing term sheet can be found here.
PFX is the old Medley Capital crowd. One SA writer has referred to it as a cigar butt. I wouldn’t touch it.
I already own the original PFX that is still living delisted, so I dont need this one.
Gridbird, I also own the Phoenix Cos. delisted PFX! Are you planning to hold indefinitely? Think it’s safe? Thanks.
Yes, Im still planning on holding until maturity or bankruptcy. No I dont consider it safe in terms its Ameren safe. They have legacy LTC and Life plans that werent the best issued items from long ago. They had an uptick of long in toothers croak last year from covid and stuff, so that hasnt helped.
But last I read was Dec of last year, as that was last time AM Best rated them. They had it a B stable or negative, cant remember.