General Finance Announces Earnings, Arbor Realty Sells Convertible Notes

General Finance (GFN), a specialty storage leasing company, has announced earnings.

GFN has a high yield $100/share 9% preferred outstanding as well as a $25/share 8.125% note issue. They can be seen here.

The earnings announcement is here.

REIT Arbor Realty (ABR) has sold another fairly low coupon private placement convertible note issue at 4.75%. Over the years the high yield debt and preferreds from ABR have been favorites of income investors as the company has improved financials dramatically over the last 10 years.

We note this ABR sale because sooner or later they are going to ‘refi’ their high yield preferreds and one should be aware of the coupon the company can secure. With coupons of 7.75% to 8.50% on the preferreds these are ripe for redemption. The 3 issues outstanding total only around 3.5 million shares and all are redeemable. For now the company seems content to keep paying yield yields in exchange for the perpetual nature of the shares.

All 3 preferreds are trading in the $26.00 area. They can be seen here.

The note sale announcement can be read here.

One thought on “General Finance Announces Earnings, Arbor Realty Sells Convertible Notes”

  1. Sold my C series on their last note issuance that I have held for a while. Highest coupon, highest current yield, and most above par.
    I still own the B series – I figure the C will be the first to go (I also own a bunch of the common)
    Surprised they haven’t called any…surely soon they will.

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