Energizer Holdings Sells a $100/Share Convertible Preferred

Battery maker Energizer Holdings Inc (NYSE:ENR) has sold a new issue of $100/share Mandatory Convertible Preferred Stock.  The issue will carry a coupon of 7.50% which is fairly high and reflects the marginal overall credit rating of the issuer.

The shares will convert to common shares on 1/15/2022.

This issue started trading on the OTC Grey Market today under the temporary ticker of ENRXP.  The permanent ticker will be ENR-A when it moves to the NYSE.  Shares closed at $102.30 with near 2 million shares changing hands.

Energizer Holdings is rated B1 as a corporation by Moodys–middle of the pack junk.

The preliminary prospectus is here.

The final pricing document can be seen here.

We do not cover convertible shares to speak of, but will add it to the $50-$100/share issue page when it moves to the permanent trading exchange.

 

7 thoughts on “Energizer Holdings Sells a $100/Share Convertible Preferred”

  1. I use Premium but have used Deluxe in past and did K-1s just fine. However, I suggest going to the “turbotax” board at www dot investorvillage dot. com to peek or ask. Most posts in the “turbotax” board of IV pertain to K-1 handling. It may be worthwhile peeking/searching in the MLPs board at IV.
    If you reside in a state with Bonus Depreciation implications, you will likely have to do that portion in the State’s return in Form View to properly track.

    1. aarod, thanks for the TurboTax information and additional ideas to investigate.

  2. This is off topic but does anyone know if TurboTax Deluxe handles K-1’s? I’ve used TurboTax Home and Bus. in the past and it did handle them, but it is also more expensive than TT Duluxe I believe.

    1. I use Premium but have used Deluxe in past and did K-1s just fine. However, I suggest going to the “turbotax” board at www dot investorvillage dot. com to peek or ask. Most posts in the “turbotax” board of IV pertain to K-1 handling. It may be worthwhile peeking/searching in the MLPs board at IV.
      If you reside in a state with Bonus Depreciation implications, you will likely have to do that portion in the State’s return in Form View to properly track.

      1. Sorry – let me rephrase to clarify:
        in the event that any of your K-1s include “Bonus Depreciation” in the Supplemental Info section corresponding to Line/Box 20 (20Z), and you reside in a state with Bonus Depreciation implications, you will likely have to do that portion of the State’s return in Form View to properly track. It should be simple …

  3. FWIW, from S&P published earlier today: ENR as a corporation rating lowered to BB- and removed all ratings from CreditWatch; affirmed BB+ on senior secured debt; assigned B+ to proposed $600 million senior unsecured notes.

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