3/31/2025
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Mortgage REIT PennyMac Mortgage Investment Trust (PMT) has announced they will be selling a new Senior Note offering with maturity in 2030.
PMT has a number of outstanding preferreds and senior notes which can be seen here.
The preliminary prospectus is here.
Thanks to J for being on top of this one and for EarlyBird for chiming in on ‘yield talk’ (in the 9-9.125% area).
Container leasing company Triton International has announced they have priced their new issue of preferred shares with a coupon of 7.625%.
Shares are perpetual, cumulative and qualified for tax treatment.
Shares have an early redemption option available to the company starting 3/15/2030.
As I noted before Triton International is owned by Brookfield Infrastructure (BIPI) and no longer has common shares outstanding, but does file 10-Q’s and 10-K’s
The company has 5 other issues outstanding which can be seen here. Potential investors should review all the other options before determining if the new issue is the ‘best’ for you.
The pricing term sheet can be read here.
Container leasing company Triton International (TRTN) has announced they will be selling a new issue of perpetual preferred stock.
Triton has a number of preferred issues outstanding already, which can be seen here.
It should be noted that TRTN is owned by Brookfield Infrastructure Corporation (BIPC). While BIPC has deep pockets all companys they own are expected to carry their own weight and TRTN continues to file SEC reports as if they were a standalone company.
The preliminary prospectus can be read here.
Thanks to J for being on this one and for Jerrymac for chiming in with yield talk in the 7.75% area.
Mortgage REIT Redwood Trust (RWT) has priced their new baby bond issue with a coupon of 9.125%.
This is the company’s 3rd baby bond in the last year. Their current outstanding 9.125% baby bond (RWTN) is currently trading at $25.27.
Once again mortgage REIT Redwood Trust (RWT) is coming to market with a new issuance of baby bonds. This will be the 3rd issuance by this company in 1 year. Previous issues were sold on 1/17/2024 and 6/13/2024 with 9.125% and 9% respectively. The company also has a 10% fixed rate reset preferred outstanding (RWT-A).
I have not reviewed the company financials lately, but on the surface they are certainly racking up a lot of high yield debt.
The preliminary prospectus can be read here.
Thanks to J for posting this in Reader alerts just a bit ago. EarlyBird chimed in with some added detail.