mREIT Ellington Financial (EFC) has priced their previously announced fixed rate reset preferred stock.
The issue prices at a fixed rate of 6.25% until 1/29/2027 at which time the rate resets to the 5 year treasury plus a fixed spread of 4.99%. The coupon will reset every 5 years there after.
Egan Jones has placed a A- rating on the issue.
The issue will trade immediately on the OTC, but no ticker has been announced.
The pricing term sheet can be found here.
Surprised to see that anyone would give this an A rating.
Nobody did… Egan Jones did…. lol