Below are press releases from company’s that have preferred stock and baby bonds outstanding.
Brookfield Business Partners Reaches Agreement to Sell Westinghouse
Cameco and Brookfield Renewable Form Strategic Partnership to Acquire Westinghouse Electric Company
Scorpio Tankers Announces Repurchases of Its Common Shares
Arbor Realty SR, Inc. Closes Offering of $150 Million of 8.50% Senior Notes due 2027
Assurant to Announce Third Quarter 2022 Financial Results
MetLife Declares Fourth Quarter 2022 Common Stock Dividend
Customers Bancorp, Inc. to Host Third Quarter Earnings Webcast on October 27, 2022
ASHFORD HOSPITALITY TRUST ANNOUNCES PRELIMINARY REVPAR RESULTS FOR THIRD QUARTER 2022
BRAEMAR HOTELS & RESORTS ANNOUNCES PRELIMINARY REVPAR RESULTS FOR THIRD QUARTER 2022
Users who liked this:
Arbor issuing new debt at 8.5% to redeem 2023 debt with a 5.625% coupon. Good grief.
Yes–ouch!!
Rob – Looking back just to keep busy on an issuer I don’t follow, ABR did the same thing in August, issuing 7.50% due 2025 to privately repurchase (not redeem in both cases) 4.75% due later in 2022. So in a way, you could say they actually theoretically did a little bit better on this one by being able to extend maturities longer vs what they did in August for about the same nominal spread. Also left as a mystery in both cases is what price they paid for the notes they repurchased so we really don’t know what the net spread may have been on either transaction…. Since they mention purchase not redeem, I’d assume they negotiated purchases below par hence minimizing their increasing interest costs in both cases..
2WR:
Good point. The ABR 5/1/23 Notes are a $125M issue that is trading for around 95. So ABR likely bought back $50M of that issue for $46M. Decent discount considering that a holder will get 100 in 6 months + two interest payments.
Definitely helps offset some of the big jump in annual interest costs on the new 8.5% bond.
Those 4.75% notes you mentioned are convertible senior notes that mature on 11/1/22. FINRA still shows $264M outstanding. The conversion price on those was $17.44/share. ABR trades for $12 today. We should know how much of these they were able to purchase at a discount when they file their 9/30/22 10Q.
ABR has always had a strong management team.