Below are press releases from companys with preferred stock and/or baby bonds outstanding–of just of general interest. With earnings season over news is more minimal.
Schwab Reports Monthly Activity Highlights
Brookfield Announces Redemption of $550 Million Principal Amount of 4.000% Notes due April 1, 2024
Brookfield Infrastructure Corporation Announces Results of Annual Meeting of Shareholders
AMMO, Inc. Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Capital Southwest Corporation Closes Public Offering of 7.75% Notes due 2028
W. R. Berkley Corporation Increases Dividend 10% and Increases Share Repurchase Authorization
TPG RE Finance Trust, Inc. Declares Cash Dividend on Common Stock
So what does it mean if Brookfield is redeeming what looks like 2/3 of their outstanding issue on a pro rata basis? I have 2 of these bonds. Do they take 2/3 of their value, or randomly pick 2/3 of their notes to redeem?
If you go dig around on their IR site or SEC filings it probably says exactly how they do it. I am too lazy to do that for a security I don’t own – but it is almost always a lottery to pick X% of the notes. So, if you own two, you might have zero, one, or two notes called.
If they were to try to call in X% of the value of each note, they would have to revise way too many documents,etc. Not practical.
Thanks for explaining!
CSWCZ is trading this morning on Fidelity. 24.85 x 24.9 at the moment.