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Category: New Issue

Fortress Transportation and Infrastructure Announces Fixed to Floating Preferred-Corrected

Correction–FTAI is a LLC and thus Non-Qualified and will issue a K-1.

Transportation infrastructure company Fortress Transportation and Infrastructure (FTAI) has announced the issuance of a new issue of Fixed-to-Floating Rate preferred stock.

The company currently has 1 other fixed-to-floating rate coupon issue which was sold in September with a fixed rate of 8.25% which moves to floating on 9/15/2024 with a coupon of 3 month Libor plus a spread of 6.886%. This issue is currently at $25.79 after trading as high as the $26.40 area prior to the new issue announcement. You can see it here.

Obviously this issue is not investment grade, but will be cumulative, but NON qualified (K-1)

The preliminary prospectus is here.

Eugene was right on top of this one earlier this morning.

American Financial Group Prices Subordinated Debentures

As noted earlier today insurance company American Financial Group (AFG) is offering a new baby bond.

The investment grade rated issue has been priced at 5.125% with a maturity date in 2059.

The issue carries a BBB- from Standard and Poors and a Baa2 from Moodys.

There is no OTC Grey Market trading, but it might be available to you before big board trading if you call your broker with the CUSIP.

The pricing term sheet is here.

American Financial Group to Offer Baby Bonds

Insurance company American Financial Group (AFG) has announced a new issuance of baby bonds.

The company has a number of issues already outstanding–3 baby bond issues to be exact.

The company intends to redeem the 6.25% baby bonds due in 2054 (AFGE), which have been redeemable since 9/30/2019.

The new issue will likely be investment grade (BBB- from S&P and Baa2 from Moodys) so the coupon will be fairly low. The permanent ticker will be AFGC when it begins to trade on the NYSE in a week or two.

The preliminary prospectus can be found here.

Global Net Lease Prices Preferred Issue-UPDATE – OTC Ticker

FINALLY the OTC Grey market ticker has been posted. It is GBLNP–of course now you have to wait on your broker to update their systems.

Diversified triple net lease REIT Global Net Lease (GNL) has priced their new preferred.

The issue comes with a coupon of 6.875% and it will be cumulative, but non qualified.

This is unrated–they will sell 3 million shares plus 450,000 more for over allotments.

The issue WILL trade on the OTC Grey market–likely tomorrow, but the temporary ticker has not been announced–likely one of the folks will post it here in the morning the minute it is announced.

I may/may not have a personal interest in the issue–probably only if it trades at $24.75 or at least below $25–then our interest might only be for a flip.

The pricing term sheet can be found here.

AXA Equitable Holdings Announces Preferred Pricing

Insurance company/asset manager AXA Equitable (EQH) has posted the pricing on the new preferred stock previously announced.

The issue has priced with a fixed rate coupon of 5.25%–slightly better than what I thought it might price.

The issue is non cumulative and qualified and is a fairly large issue with 29 million shares with 4.35 million more for an over allotment.

The shares will trade on the OTC Grey market immediately under ticker AXQEL.

The pricing term sheet can be found here.

Thank you Jerry for having the correct coupon hours ago.