Financial services company Ladenburg Thalmann (AMEX:LTS) has priced a new issue of baby bonds with a coupon of 7% and a maturity date of 2028. This issue will be a quarterly paying security.
The issue is small in size with just $40 million being sold (1,604,000 shares/bonds). Another 240,000 shares are reserved for overallotment.
The shares will trade on the AMEX under ticker LTSF. It is likely it will be 1-2 weeks before trading begins as the offering is not expected to close until 5/30/2018. There will be no OTC trading prior to permanent AMEX listing.