CAI International (NYSE:CAI) has priced the new fixed-to-floating rate preferred issue mentioned this morning with a coupon of 8.50%–the same as the older issue of fixed-to-floating rate (CAI-A).
The new issue has a spread starting in 2023 of 5.687% which is added to 3 month libor for the floating rate coupon. The old issue has a floating rate of 5.82% which starts in 2023 as well.
The new shares will trade on the OTC Grey Market tomorrow under the temporary ticker CAIIP. The permanent ticker will be CAI-B.
The new shares will be cumulative and qualified for preferential tax treatment.