Banker First Busey (BUSE) has priced their previously announced issue of non cumulative preferred stock.
They have price 8 million shares (and another 1.2 million for over allotment) with a coupon of 8.25%–shares are rated BBB- by Kroll Bond Rating agency.
No grey market ticker has been announced at time of publication.
The pricing term sheet can be read here.
Kroll commentary on First Busey
Comment on Kroll commentary regarding First Busey. The information in the article attached above is incorrect in regards to Leawood, Kansas based First Busey, they are actually based/ headquartered in Champaign, Illinois.
@GregM – both are true…. Holding company is in Leawood Kansas as of the merger. From IR press release:
“The holding company will be headquartered in Leawood, Kansas in the Kansas City metro area, which is central to the combined footprint. Busey Bank’s headquarters will remain in Champaign, Illinois.”
https://ir.busey.com/news-releases/news-release-details/first-busey-corporation-completes-acquisition-crossfirst
Thank you for the clarification.
It appears to be showing as BUSEL on Interactive Brokers, but it won’t allow opening trades.
I just bought 300 at 24.95 on Fidelity with no problems. However they are not showing any cost information, but rather are showing an increase of $7,553.97 in my account. So their system is screwed up, and I’m going to wait and see how it all shakes out.
Also, does anyone have any data or opinions on how the Kroll ratings compare to Moodys/S&P/Fitch? Thanks
I picked up some at Fidelity too. Kroll earned their great reputation at the onset of the Great Recession, when CEO of B of A financed a big chuck of money on a fake Countrywide financial of California owned by a mob from Sicily. Apparently the law was such no disclosure was necessary once the WHOLE countrywide was sold to B of A. CEO of B of A enjoyed his loot. Kroll has expressed opnion that the toxic real estate rated A- by Moody and SP and Fitch were trash. Nonetheless Knoll is less known. So, if the coupon is low (not this one), it could face problems if Tariff war results in inflation and hurt us all. JMHO.
It is trading on Fidelity now.
Yesterday I could place an order at etrade this morning it is not allowed.
Etade is starting to go nanny state like Fidelity.
After two chats with E-turd have been told opening orders not allowed at this time.
I bought 200@24.95 at Ally. Since it is on the PINK I just call in and place an order. I like buying a taste of these new higher yielding issues. Just a touch to spread the risk around in a dozen names.
E-turd is claiming it is grey sheet so opening orders not allowed.
That makes zero sense. OTC shows it on the PINK. One step forward, two steps back with them. FL_GUY clearly said he was able to buy yesterday with E-trade. Go figure.
I just tried to see if I could trade this on Etrade and the msg I received was:
“Opening transactions in Pink No Information, Grey Market and Expert Market securities are not permitted due to the inherent risk associated with these products.”
Schwab is accepting order-had to go through research tab then research tools to enter symbol.
Interesting…. ETrade let me buy under a GTC order yesterday, Fido wouldn’t touch it. Now ET saying ‘nope’ and I was able to buy on Fido.
Now what’s even more interesting, Fido made purchase, but shows as $0 cost, and while “Filled” in the order activity, it shows filled at $24.97, it shows as $0 under the amount. Now that kind of purchase I can do all day. But it does concern me that their platform does this, so what else is getting messed up?
opens below issue price
https://www.otcmarkets.com/stock/BUSEV/quote
Now we almost always do the song and dance of who can buy and who can not. If anyone can purchase this mention what broker you are using please.
I use Ally. I cannot buy until it hits the pink. End of story for me. I might get a chance on Friday.
I just tried a new strategy that failed to work with Ally. I can place an order by calling in for BUSEV. It does not really “work” though. The order does not get filled even though my bid is higher then others. I was thinking I could place a good till canceled order to prep things ahead of time so when it goes to the PINK I am ready and waiting. No such luck. They do not allow GTC in this situation.
Oh well. I will just have to keep “hitting” refresh until I see it moved to the pink. I have an order in doing nada today.
I was able to place a GTC offer on ETrade, filled at $24.89. Fido wouldn’t even recognize the ticker.
Interesting– my day order at same price has not filled yet.
Furcal – I entered limit order at $24.95 @02:26:23 PM EDT, it was filled at $24.89 @02:33:29 PM EDT.
Did you have to call in to place the order?
2wr – if that was question for me, no I was able to place the order online.
its trading on Wells Fargo Asvisoes
Gary Busey Bank?
BUSEV
https://otce.finra.org/otce/dailyList?viewType=Additions
Just a quick FYI. Athene Holdings this morning coming out with a new 30 year bond issue. My Schwab Rep said the talk is in the 6.9% area. S&P rating of A-. Moody’s BAA1. I own one of their preferreds already so will take a pass.