Tonight AIG announced a redemption of their series A preferred shares (AIG-A).
Shares are 1st redeemable on 3/15 and that is the date of redemption. Redemption is $25/share plus accrued dividends.
Category: Preferred Stock Call
Energy Transfer Makes a Huge ‘Call’
Energy giant Energy Transfer (ET) has announced a huge preferred stock redemption this morning.
They will be calling the ET-C, ET-D and ED-E issues of preferred stock with proceeds from debt issuance. All these are fixed to floating issues. E will not be redeemable until May, but the C and D issues are currently callable.
All total they will be calling over 60 million shares. Currently the C and D issues are floating and have coupons around 10%.
Thanks to mbg for the ‘heads up’ on this one.
2 Preferreds of Note – 1 Call, 1 Dead (or close)
As noted by J very early this morning Citigroup (C) has called their 6.875% fixed to floating preferred (C-K) issue for redemption on 11/15/2023 which is the 1st date it became redeemable.
Additionally Ontrak (OTRK) has received a delisting notice for their 9.5% perpetual preferred (OTRKP) for trading under $1/share–it is now at 36 cents.
Plymouth REIT to Redeem Preferred Shares
In what has been a fairly rare event of late Plymouth REIT has announced they are redeeming their 7.50% perpetual preferred PLYM-A. The issue is trading around $25 plus accrued so no windfall will be had by investors.
Eagle Point Makes ‘Calls’ for Redemption
Eagle Point Credit (ECC) has made a call of numerous issues of ‘term prefeerreds’ and notes.
The company which just sold a note issue with a 5.375% coupon (ECCZ) made a full or partial call on 3 different issues.
They have made a full call on the 7.75% term preferred (ECCB) for 2/28/2022, a full call on the 6.75% notes due 2027 (ECCY) for 2/14/2022, and a 50% call on the 6.6875% notes due 2028 (ECCX) for 2/14/2022.
All issues are called at $25 plus accrued dividends or interest. The SEC notice is here.
Many issues of ECC remain outstanding–although obviously not at such lucrative coupons.
mbg and others posted this call on Friday.