Insurer Brighthouse Financial Inc (BHF) has priced their newly announced preferred stock issue.
As expected the issue comes with a coupon of 5.375%.
They will be selling 20 million shares with an over allotment of another 3 million shares–for potential gross proceeds of $575 million.
The issue is split investment grade, non cumulative and qualified for preferential tax treatment.
The issue will trade immediately on the OTC grey market under temporary ticker BTHFL.