4/10/2025
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CLO owner Eagle Point Credit Company has priced their new issues of baby bonds.
The baby bonds, which mature in 2030 are priced at 7.75%. This is a large 4 million share (bond) issue–actually made possible by the companys aggressive ‘at the money’ common share sales program.
For those that have an interest it appears the new 6.375% Junior Subordinated Notes from Corebridge Financial (CRBG) is ready to trade any hour now. At least eTrade and Fido have finally gotten the ticker on their websites. The ticker will be CRBD.
Ready Capital (RC) has priced their new issue of baby bonds with a high coupon of 9%. The early redemption period starts 12/15/2026 with maturity on 12/15/2029.
2 baby bonds that are currently outstanding from RC are trading with current yields around 5.90% and 6.38% respectively–could be messy for these 2 issues tomorrow.
The pricing term sheet can be read here.
Eagle Point Credit (ECC) has announced they would be selling a new issue of $25/share baby bonds.
ECC is one of the oldest publicly traded holders of collateralized loan obligations (CLOs) and already has numerous issues of term preferreds, perpetual preferreds and baby bonds outstanding which can be seen here.
The preliminary prospectus can be read here.
J noted this (as usual) in the reader alerts just minutes ago. The headlines today included the ECC press release.
mREIT Ready Capital (RC) has announced a new offering of $25/share senior notes with a maturity in 2029.
The shares will be listed on the NYSE under ticker RCD. The issue should price later today and it will be a week or two until any listing occurs.
The company has numerous baby bonds and perpetual preferreds outstanding which can be seen here.
The preliminary prospectus can be found here.
J noted this new issue in the alerts section minutes ago.