LNG ship owner GasLog Partners (NYSE:GLOP) has priced their new fixed-to-floating rate preferred with an initial coupon of 8.50%.
The issue will have a fixed coupon until 3/15/2024 after which the rate will float at 3 month Libor plus a spread of 5.317%. The spread is about 1/2% under where we would like it–but we always want it higher.
The company will sell 4 million shares with another 600,000 available for overallotments.
The permanent ticker will be GLOP-C when it begins to trade on the NYSE–the issue should trade on the OTC Grey market prior to that time, but the temporary ticker is not out yet. We will post the ticker when it is announced.
As we noted earlier this issue will come with a 1099 at tax time and distributions will be qualified for preferential tax treatment.