CAI International Prices Preferred

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 pricing term sheet is here.

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.

2 thoughts on “CAI International Prices Preferred”

  1. Issue is now trading OTC. Last price was 24.90 with 437K in volume.
    Prospectus does not give dates at this point.

    1. This is still trading OTC using ticker CAIIP @24.95. Is any one interested in this one? CAI’s last earnings seemed pretty good.

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