Correction–FTAI is a LLC and thus Non-Qualified and will issue a K-1.
Transportation infrastructure company Fortress Transportation and Infrastructure (FTAI) has announced the issuance of a new issue of Fixed-to-Floating Rate preferred stock.
The company currently has 1 other fixed-to-floating rate coupon issue which was sold in September with a fixed rate of 8.25% which moves to floating on 9/15/2024 with a coupon of 3 month Libor plus a spread of 6.886%. This issue is currently at $25.79 after trading as high as the $26.40 area prior to the new issue announcement. You can see it here.
Obviously this issue is not investment grade, but will be cumulative, but NON qualified (K-1)
The preliminary prospectus is here.
Eugene was right on top of this one earlier this morning.