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Category: New Issue

Rithm Property Trust Finally Prices Fixed-to-Floating Preferred Issue

It took a little time, but Rithm Property Trust (RPT) has priced their new fixed-to-floating rate preferred issue.

The issue priced at a fixed rate of 9.875%. The issue goes to floating rate on 5/15/2030 at 3 month SOFR plus a spread of 5.56%.

This is an unrated issue and one must remember risk equals reward–this is a dicey issue. Deep due diligence should be done by investors. This is the old Great Ajax mREIT which originally invested in non performing and re-performing residential mortgages which is now swinging toward commercial mortgages.

The pricing term sheet can be seen here.

Oxford Lane Capital Corp Prices Large Issue of Baby Bonds

CLO CEF Oxford Lane Capital has priced a relatively large issue of baby bonds with 6.6 million shares (bonds) being sold. Additionally there are 990,000 shares available for over allotment.

The shares price at 7.95% and have a maturity date of 2/29/2032.

The company has numerous other term preferreds and baby bonds outstanding that should be reviewed and compared to this new issue before buying decisions are made.

The pricing term sheet can be seen here.

CEF Oxford Lane Capital Announces New Baby Bond

CLO CEF Oxford Lane Capital Corp. has announced they will be issuing a new $25 baby bond.

Of course Oxford Lane (OXLC) is a serial issues of baby bonds and term preferreds and they have numerous issues already outstanding which can be seen here. Investors should always compare new issues with those already outstanding as the newest isn’t necessarily the best.

As is normal J pointed this one out a few hours ago on the Reader Alert Page.

The preliminary prospectus is here.

PennyMac Mortgage Investment Trust Prices Baby Bonds

Residential mortgage REIT PennyMac Mortgage Investment Trust (PMT) has priced their new senior notes with a coupon of 9%.

This is a large issue with 6 million shares (bonds) being sold with another 900,000 shares available for over allocation.

PMT has a 8.50% senior note issue outstanding (PMTU) which fell around 40 cents on the announcement of this new issue.

The pricing term sheet can be read here.