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.