11/19/2024
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Smallish business development company (BDC) has announced pricing for a new issue of baby bonds. The new issue prices at 8.125% and proceeds will be used to call the 6.75% baby bonds (GECCM) on 10/12/2024—these notes have a maturity on 1/31/2025.
Mortgage REIT Chimera Investment (CIM) has announced they are selling a new issue of $25/share baby bonds.
They are just the latest of the mortgage REITs to sell baby bonds–and they had sold an issue back in May with a 9% coupon.
The preliminary prospectus can be read here.
J was the 1st one to comment on this new issue.
Oxford Lane Capital (OXLC)–a Collateralized Loan Obligation owner, has announced a new baby bond offering.
OXLC has numerous term preferreds and baby bonds outstanding which can be seen here.
Typically bonds just mature and one receives the proceeds in their account–no need for a ‘maturing’ press release. This morning Sachem Capital (SACH) issued a press release announcing they would be paying the bonds off (SCCB) on 7/1/2024 and ‘delisting’ them from the exchange.
It seems weird to me–of course they are paying them off and delisting them–it is required. Maybe some were expected a default?
It is interesting they announced they were selling a $1000 note issue to pay off the SCCB 7.125% baby bonds and MAYBE part of or all the 6.875% SACC issue which matures in December, but no further word has been heard on this issuance.
Thanks to af for posting the original press release.
At the request of a read I am posting this tale from a week or so ago.
