The 5.625% Gabelli Utility Trust (GUT-A) has been called for 1/31/2022 and holders are snoozing.
As pointed out by Justin in comments the issue is trading at $26.61 and it will have 13 cents worth of accrued dividend so redemption at $25.13
Category: Preferred Stock Call
Eagle Point Credit Makes Partial Call on Term Preferred
Eagle Point Credit Company (ECC) has announced a partial call on the 7.75% term preferred stock (ECCB).
They will redeem 1.078 million shares or about 50% of the outstanding shares. The call date is 12/31/2021.
Gary was on this one this afternoon.
First Bancorp (Puerto Rico) Comes a Calling
We all knew this was coming and it has–First Bancorp (FBP) has called for redemption of ALL of their monthly paying preferreds. The redemption date is 11/30/2021.
There are 5 issues outstanding which can be seen here. All of these have been redeemable for over 10 years.
The 8.35% FBPRO issue is taking a shellacking – off $1.76 today.
FBP has gone through rocky times in Puerto Rico, but more recently their financials have become much improved and it was only a matter of time before these high yield preferreds were redeemed.
The company press release is here.
Fred was right on top of this one this morning.
The Redemptions Just Keep Coming – US Bancorp
US Bancorp (USB) has announced they are selling a $1,000/share fixed rate reset preferred which no doubt with be at a low coupon.
Within the ‘use of proceeds’ section of the offering they have stated they will call all of their $25/share series F preferred shares–the USB-M 6.50% fixed to floating rate preferred which becomes redeemable on 1/15/2022. This issue would reset at 4.468% plus 3 month libor in January–which would be a good coupon for the company–but obviously they aren’t going to chance it–they will replace a good coupon with a great coupon (for the company–not us).
J noted this redemption in the Reader Initiated Alerts section this morning.
Capital One Calls Preferred For Redemption
Capital One Financial (COF) has called their COF-G 5.20% preferred for 12/1/2021. There are 24 million shares outstanding.
Additionally they have called their COF-H 6.00% preferred for 12/1/2021 as well. There are 20 million shares outstanding.
Both issues are redeemable starting on the call date which is also the dividend pay date. Shares are only redeemable on a dividend pay date (relatively typical for a bank issue).
Additionally Ken mentioned that the PNNTG PennantPark 5.50% baby bonds are to be redeemed on 11/13/2021. Here is the filing.
Lastly our favorite telephone number 8675309 notes that he/she has received notice that REIT DigitalBridge is doing a partial call of about 25% of shares on their 7.125% DRBG-H. The company announcement is here.