As predicted by our reader RazorbackEA Brighthouse Financial has priced a new issue of baby bonds with a coupon of 6.25%.
There will be 15,000,000 shares sold (with another to cover overallotments of 2,250,000) and they will have a maturity date of 9/15/2058. An early redemption is possible beginning 9/15/2023.
Quarterly payments will start on 12/15/2018.
This issue allows the company to defer interest payments for one or more consecutive periods that do not exceed five years without a default being declared.
The issue will trade under the ticker of BHFAL within the next 30 days. There will be no OTC grey market trading with this debt issue.