Large specialty insurance company Enstar Group (NASDAQ:ESGR) is selling a new fixed rate preferred stock issue.
Being an insurance company the issue will be non cumulative in respect to dividends.
Other terms will be the normal terms, quarterly dividend payments, an optional redemption period beginning in 2024 etc.
The permanent ticker when trading begins on the NASDAQ will be ESGRO. The OTC Grey Market ticker has not yet been released.
The company has another preferred issue trading and it is a fixed-to-floating rate issue. Initial coupon is 7% and it begins to trade with the floating rate in 2028. Info on the older issue can be seen here.
The older issue was rated BB+ by S&P (1 notch below investment grade) and it is assumed the new issue will have the same rating.
Thanks to Eugene for keeping us on our toes most of the time.