Below are press releases from company’s with preferred stock and/or baby bonds outstanding–or just news of general interest. News will be rather slow until the the end of the quarter and the start of earnings season in early October.
Chimera Increases Third Quarter 2024 Common Stock Dividends to $0.37
Dime Enhances Middle Market Lending Presence on Long Island
Home prices move higher as inventory shrinks once again in New York
Mortgage Rates Continue to Tumble
GAMCO Investors, Inc. Announces Special Dividend of $2.00 per share
SL Green Realty Corp. Announces Common Stock and Preferred Stock Dividends
Two Harbors Investment Corp. Announces Third Quarter 2024 Common and Preferred Stock Dividends
Allstate Announces August 2024 Catastrophe Losses
PennyMac Mortgage Investment Trust Declares Third Quarter 2024 Dividend for Its Common Shares
May be an error in the announcement for the NGL preferreds’ divvies – they both float off the same benchmark and NGL-C has the higher spread (7.384% v 7.213%), so between the two, NGL-C should always have the higher coupon and higher div per share rate, yes?
But in the press release states, the -B has the higher ones:
1. NGL-B = 12.806% coupon and $0.8004 div
2. NGL-C = 12.716% coupon and $0.7947 div
“… of the Partnership’s 12.806% Class B Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) and the 12.716% Class C Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) in accordance with the terms outlined in NGL’s partnership agreement. Each of the Class B Preferred Units will receive a quarterly distribution of $0.8004 and each of the Class C Preferred Units will receive a quarterly distribution of $0.7947 per unit on …”
mbg – I’ll make a guess here, not knowing if this is enough to make the difference but if you look at the language in both prospectuses under Description, you’ll see that it’s likely that the two do not set their floating rates on the exact same date.. Take a look at p S24 of https://www.sec.gov/Archives/edgar/data/1504461/000104746917003864/a2232367z424b5.htm#dc73001_description_of_class_b_preferred_units
Compare it to p S27 of https://www.sec.gov/Archives/edgar/data/1504461/000104746919001691/a2238233z424b5.htm#dc77401_description_of_class_c_preferred_units
I think (don’t know for sure) that that implies they set their floaters either a day or two apart from each other… Would that difference possibly be enough to explain the conundrum? I didn’t try to prove it, but that’s the closest to a legit reason that I could come up with.
Hi 2WR or other III’ers (Grid!),
Have you heard of this preferred?
Northland Power Inc. VAR PFD Callable Convertible
NPICF
Schwabby has it at a BB+ S&P
CY 13.37
Par 25
1.24M O/S
Thanks in advance!
This is an easy answer for me…. NOPE! Haven’t heard of it, however a few minutes of looking tells me it’s Canadian and pays in CDN dollars so perhaps Joel might know more about it…… https://www.northlandpower.com/en/resources/Corporate%20Reports/NPI-2023-Annual-Report-FINAL.pdf shows 1,237,754 shares outstanding a/o 12/31/23 p98.
NPICF trades on TSX.com as NPI.PR.B. https://money.tmx.com/en/quote/NPI.PR.B. It trades in USD as NPICF and CDN on TSX.com Northland Power Inc. cumulative floating rate preferred shares Series 2. The Series 2 Preferred Shares carry the same features as the Series 1 Preferred Shares, except that holders are entitled to
receive quarterly floating-rate cumulative dividends, as and when declared by the Board of Directors, at an annual rate
equal to the then three-month Government of Canada treasury bill yield plus 2.80% (2.80% as of December 31, 2022). The
holders of Series 2 Preferred Shares have the right to convert their shares into Series 1 Preferred Shares on September 30,
2025, and on September 30 of every fifth year thereafter
S&P currently rates Ser 2 BB+
Thank you for your feedback 2WR. I think Schwabby changed its research features to include Canadian issues. It was also bringing up convertible pfds. I usually filter these issues out.
NWGG Just in general, I don’t know the true cost of building and maintaining renewable energy production but in reading there seems to be a lot of problems with long term maintenance. A lot of these projects depend on government handouts for the build outs. That ends then it puts the burden of construction on the utility. Building wind turbines off shore in the ocean leads to shorter lifespans with the salt corrosion. There have been problems with recycling the huge turbine blades outside of just burying them in propeller graveyards. Life span is approx 20yrs, takes 6yrs -7 months to break even on the cost . They need to be shut down about every 6 months for maintenance. This is just with one source of renewable power. Even though by law some states require purchase of renewable energy and this supports this form of power production. BTY in looking at Canadian issues I found this one and passed because it was renewable.
@cm
This….
“projects depend on government handouts”
I was thinking it might be a “Green New Deal” situation. Not really my wheelhouse.
NWGG can’t fight big (or little ) business and government. I met a guy I like that is running for city council and I let him hang a banner on my fence. First time ever. We discussed different things going on and only disagreed on one issue. To get something on his agenda ( housing) you have to go with the flow. The majority of the city council has always been business and real estate leaders.
The town just recently put in a 4 bay charging station in a shopping center they own. The man running I talked to is very knowledgeable and due to the cost and return they will not be doing that again.
Hey Charles,
I don’t know about charging stations where you are, but several shopping centers here in silicon valley have put in a dozen or more each – all at the far side of the parking lots far from the stores (and I have yet to see one in use).
I was talking to an exec at one of the big electrical contractors (I have known him since he was in diapers). They have done some of the installations and the center owners get HUGE subsidies from the federal government to put them in.
Apparently, there is no requirement that the chargers be sited to be easily used and they don’t actually have to ever be used – the property owner just has to spend the money and apply for the gov. subsidy dollars.
All part of the massive trillion dollar “Inflation Reduction Act” spending package (one of the most inappropriately named pieces of legislation in recent history) put in place by our president-and-the-VP-who-must-not-be-named (to protect the tender feelings of some readers).
Another example of your (debt funded) government spending going to waste.
some of it is “green new deal”, but it is also driven by politicians trying to look “green” and to line the pockets of big donors.
In California, we have huge “renewable energy mandates” driven by our idiot governor. He wants to appease the green lobby in California, and the mandates help the big power companies (who just happen to be his huge donors) because they get to pass all the cost on to rate payers.
on a related topic, we had a little company we were talking to that was trying to get a project going to use all those discarded turbine blades to build artificial reefs – both for sea life habitat and to help with storm protection.
Looked like a great idea, but they couldn’t get any traction largely because (a) they weren’t “contributing” to the politicians involved, and (b) they didn’t have big companies involved that could siphon big gov. subsidies
Tim, looks like you have an error on your floating rate spreadsheet for MBNBK, the rate doesn’t reset until 2025 and is still at 8%
Also in the same spreadsheet:
NGL-B and NGL-C no longer have suspended dividends per the link you provided.
The spread on FTAIO is 6.447%, not 6.886%.
Dan,
It’s symbol MBNKP, yes?
8% coupon. Begins floating 4/1/25 (3 month SOFR + 6.46% spread).
Say, the floaters that replaced their initial 3mL with 3mS got that additional .26161% tenor adjustment. But what about issues whose original terms were for them to float off 3mS (e.g., ABR-F and NYMTL)? Do they get that tenor adjustment too? My guess is no.
Interesting question….. don’t know the answer….. anyone do?
What happens to the preferred of EQC ? Think they still have 2 billion in cash and whatever is the value of their 4 properties so what would that come out to per share?
It’s all academic to the preferred, C… they’ll get the liquidation preference plus accumulated with everything else going in stages to the equity holders.. Preferreds will be paid off in 30 days after approval of the plan approx – https://www.sec.gov/Archives/edgar/data/803649/000080364924000065/eqcpreliminaryproxy-specia.htm
No timetable for the vote appears to have been set yet.
If our shareholders approve the Plan of Sale proposal, we anticipate first paying the liquidation preference to the holders of our 6.50% Series D Cumulative Convertible Preferred Shares of beneficial interest, par value $0.01 per share (the “Series D Preferred Shares”) and then making an initial cash distribution to our common shareholders, in each case, within approximately 30 days following such approval. The amount of the initial cash distribution to our common shareholders is anticipated to range from $18.00 to $19.00 per share. In total, including the initial distribution and any subsequent liquidating distributions following the closing of the sale of our remaining office properties, we estimate our shareholders will receive aggregate liquidating distributions from EQC that will range from $19.50 to $21.00 per share. We anticipate transferring any remaining cash and cash equivalents to a Liquidating Entity (as defined in the accompanying proxy statement) after we have sold our remaining office properties, but we cannot be certain of that timing.