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.
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.