Brighthouse Financial (NYSE:BHF) has priced their new issue of preferred with a coupon of 6.60%
The issue is non-cumulative, but dividends are qualified dividends for preferential tax treatment.
The issue will have an early redemption period starting 3/25/2024. On and after this date the issuer can call the shares for redemption at a price of $25 plus accrued dividends.
This issue has been rated low investment grade by Standard and Poors at a BBB- rating. Moodys has the rating at Ba2 and Fitch at BB+, both of which are non investment grade.
The new issue will trade under the permanent ticker of BHFAP. In the meantime the issue will begin trading on the OTC Grey market under the temporary ticker of BHFLL.