LNG ship owner GasLog Partners (NYSE:GLOP) will sell a new issue of fixed-to-floating rate preferred shares.
The coupon will be fixed until March, 2024 at which point it will float (details not released yet).
Terms are a bit different from a normal MLP preferred issue–cumulative, quarterly distributions etc., BUT investors will receive a 1099 at tax time–NOT a K-1. Distributions will be qualified–assuming the MLP has earnings–if they do not have earnings distributions will be ‘return of capital’.
The permanent ticker will be GLOP-C–the OTC Grey Market ticker has not been announced.
GasLog Partners has 2 fixed-to-floating preferred issues outstanding already with coupons of 8.2% and 8.75% and they trade in the $25-26 range.
Thanks to Eugene for the early heads up.