Below are some press releases from companies with preferred stock and/or baby bonds outstanding. Very slow news day today.
NewtekOne, Inc. Launches Newtek Accounting
Ellington Financial Declares Interim Monthly Dividend of $0.06 Per Share
Citigroup Announces Partial Redemption of Series J Preferred Stock
Symbol I believe will be FGN. This was a weird one. Doesn’t settle till 12/6?…..And I saw they have a couple of $1,000 corporates out there. One looked interesting.
btw fixed annuity companies common stocks, in general, have been on a real upswing……and FG has a bigger market cap than LNV or JXN!!
Cusip # on the $1000 issues? Thanks.
Their earnings don’t even cover the dividend on the common. Not sure where they think they’re going to find the $ to fund a pref.
New issue F&G pfd
F&G Annuities & Life Prices Senior Unsecured Notes Offering
Nov. 29, 2023 5:48 PM ETF&G Annuities & Life, Inc. (FG)By: Vansh Agarwal, SA News Editor
F&G Annuities & Life (NYSE:FG) said on Wednesday it had priced a public offering of $345M aggregate principal amount of its 7.95% senior notes due 2053.
FG expects the offering to close on December 6, 2023.
Seeking alpha has details
If you prefer, not sure if they will be around in 2053 but I doubt I will be interested in keeping it to maturity. Still will do dd see if it’s worth getting a small holding
Here is the FWP…
https://www.sec.gov/Archives/edgar/data/1934850/000162828023040231/fg-fwp11292023.htm
I like these issues that are coming to market under “stale interest rate environment” pricing. If I can get in fairly close to par, I will be a playa here.
Fitch and S&P pen it BBB- and stable.
Moodys slots it a Ba1 issue, but their rating is a credit upgrade from this summer.
https://investors.fglife.com/news/news-details/2023/Moodys-Upgrades-Financial-Strength-Ratings-of-FG-Annuities–Lifes-Operating-Companies-to-A3/default.aspx
Must be a lot of interest as it already has been upsized from $250M to $345M.
Grid do you know what symbol it’s going to be trading under and when? Said they expect to close Dec 6th?
No, not yet, Charles. Being its debt they dont typically trade with a temp ticker either and will likely just open up on exchange trading. Or whats left of it anyways.
85% owned by FNF a title insurance company
Thanks Grid
Thanks If you Prefer