Container leasing company CAI International (NYSE:CAI) is selling a new fixed-to-floating rate preferred. Details have not yet been released.
The company has had reasonable financials for the last couple quarters and likely this will continue as long as global economic conditions remain good–BUT if the economy softens–WATCH OUT. The company has over $2 billion in debt and this spells disaster in a recession–but for now ‘party on’.
The company sold a 8.50% fixed-to-floating rate preferred in March and this is how it is trading.