12/24/2024
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Little Sachem Capital (SACH) is selling an issue of $1000 notes to pay off their maturing SCCB 7.125% baby bonds on 6/30/2024. ADDITIONALLY they may call all of or a portion of the SACC 6.875% baby bond which mature on 12/30/2024.
The prospectus for the new issue is here. It will be interesting to see what coupon this new issue prices at later today.
Prospect Capital (PSEC) has call a baby bond issue.
The issue called is the 6.875% PBC issue which will be called on 12/30/2021–they become redeemable on 12/15/202.
Shares had run up to $26 just a few days ago and today have plunged to $25.16
Ken was on top of this call.
B Riley (RILY) has priced their previously announced baby bond issue.
The issue prices at 5.00%. The issue is rated BBB+ by Egan-Jones.
The company is selling a giant sized 12 million shares (bonds) with another 1.8 million available for over-allotment. Interestingly the company had preannounced a 6 million share sale so this was obviously upsized from the original amounts.
RILY has many outstanding baby bonds and preferred stock issues which can be seen here.
With the large issuance for this new issue there should be little doubt they will redeem the RILYO 6.75% issue. Additionally they may redeem the RILYM 6.375% issue. In both instances the company would have to pay a ‘bonus’ for early redemption.
The issue will trade on NASDAQ sometime in the next week or so under ticker RILYG. There is no OTC trading, but if one desires access to shares prior to exchange trading they will need to call their brokers bond desk.
Business development company (BDC) Logan Ridge Finance (LRFC) has announced they have sold $50 million worth of private placement notes with a coupon of 5.25%.
They stated they plan to redeem a portion of the 6.00% notes due 2022 (CPTAL). No firm announcement has been made on the redemption.
Once again we are losing exchange traded debt to a private placement.
Note–Logan Ridge Finance was previously Capitala.
Once again serial issuer of baby bonds B Riley Financial (RILY) has announced a new call.
They will call the 6.875% RILYI baby bond issue on 10/22/2021.
UPDATE – Shares closed yesterday at $25.91–redemption is at $25 plus accrued interest and a 25 cent bonus for early redemption. (as Fabrib reminded me)