Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted.
Earnings season is over for now and not much news is being posted by company’s that are of interest so for the next 6-8 weeks postings will be relatively lite.
June 17, 2025 16:15 ET | Source: Global Ship Lease Inc.
Global Ship Lease Announces Results of 2025 Annual Meeting of Shareholders
June 17, 2025 16:05 ET | Source: Portman Ridge Finance Corporation
June 17, 2025 16:05 ET | Source: Logan Ridge Finance Corporation
June 17, 2025 09:26 ET | Source: Tsakos Energy Navigation
TEN, Ltd. Reports Profits for First Quarter 2025 and Declares First Semi-Annual Common Share Dividend of $0.60
“Greenidge is relying on Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”), to exempt the New Notes issued in the Exchange Option portion of the Tender/Exchange Offer from the registration requirements of the Securities Act. The Company is also relying on Section 18(b)(4)(C) of the Securities Act to exempt the New Notes issued in the Exchange Option portion of the Tender/Exchange Offer from the registration and qualification requirements of state securities laws”
THE NEW DEBT WILL NOT BE REGISTERED?
Why would any investor exchange their Notes and subordinate its priority to redemption? If the Old notes are not redeem at full par value $25 and default on payment of coupon or fail to redeem the new notes will be almost worthless? They are looking for suckers! Great deal huh! Real legal crooks!
GREEL got as low as .75cents a few years ago, so cashing out at $9 might seem attractive for some deep value investors, myself included. However the low threshold ($3M) to proration makes tendering shares a crap shoot if you’re not interested in investing in the new notes through 2030.
Never heard of Greenidge but the tender is for GREEL…. It must be a horrible credit as the tender is for $9/share on a $25 par issue, BUT it is for 100% of the outstanding….. It closed at 8.05 but I wonder where it will open? Given they’re tendering for all, are you willing to be at risk with this beaut for just a month? You can also exchange for a new issue of 10% 5 year note, but that sure isn’t for me….. You have to tender by July 2, probably earlier depending on your broker’s cutoff…. Let’s see how it opens……
Wait a minute! Although the tender is for 100% of the issue, they will NOT accept all shares tendered for Cash. “If the cash required to purchase all of the Old Notes tendered under the Tender Option exceeds $3.0 million (the “Cash Payment Limit”), we will accept the Old Notes tendered for purchase on a pro rata basis.”
Change of plan for me….. I’ll pass…… that caveat I think means they will accept no more than 333,000 shares out of the outstanding for cash before prorating. No thanks.