Below are some press releases from company’s that have preferred stock and baby bonds outstanding.
Stifel Reports October 2022 Operating Data
Brookfield Infrastructure Renews Its Normal Course Issuer Bids
RiverNorth Specialty Finance Corporation Announces Name Change to RiverNorth Capital and Income Fund
So BAC is offering $19.22 to redeem our series E preferreds. Some quick math tells me the floating rate (3 month libor + .35%) will be about 5% with a minimum rate set at 4% based on a $25 face value. We paid in the neighborhood of $21 for our shares in 2016. I’ll have to go back and read their proposal, but unless I see the word ‘delisted’, I’m inclined to just keep those shares. Now if they offer $25, that’ll be a different story. Why don’t they just buy up the shares on the open market?