Arch Capital (ACGL) has announced their intention to sell a new non-cumulative preferred stock issue.
The issue will be investment grade and qualified.
The company has 2 other issues outstanding and 1 becomes redeemable in September and they have declared their intent to call the 5.25% E issue at that time.
The preliminary prospectus can be found here.
J was right on this with EarlyBird chiming in yield talk in the 4.625% area.
500 mm just like that in an hour or so. They could have raised more. Their previous two deal were much smaller. Inflation may be a stalking horse but these yields are killing me. I tried to find some alternatives to what I’m selling…… Even McReits are over par!!
priced @ 4.55
done deal
RB