Energy giant Energy Transfer (ET) has announced a huge preferred stock redemption this morning.
They will be calling the ET-C, ET-D and ED-E issues of preferred stock with proceeds from debt issuance. All these are fixed to floating issues. E will not be redeemable until May, but the C and D issues are currently callable.
All total they will be calling over 60 million shares. Currently the C and D issues are floating and have coupons around 10%.
Thanks to mbg for the ‘heads up’ on this one.