JMP Group has announced a partial redemption of their 8% Senior Notes (NYSE:JMPB) which became redeemable on 1/15/2016.
The redemption will be $10,000,000 of the $46,000,000 outstanding so the majority of the issue will remain outstanding. The redemption will occur on 7/31/2018. It is likely that holders will receive a notice of a partial redemption of their shares.
If any new positions are initiated in this security one should not pay more than $25 plus accrued interest on these notes.
Shares closed today at $25.45 and just went ex-dividend on 6/29–thus they have a bit of excess premium in them right now–likely will see a 10 or 20 cent drop tomorrow.