It’s funny I was just reviewing the recently released Ladenburg financial results and thinking they were much improved from the past (they broke even which is a vast improvement) and then the company announces a new issuance of baby bonds.
They will sell new baby bonds with a ticker of LTSK (subject to change) and will use the proceeds for general corporate purposes.
Typical terms apply – interest is not a qualified distribution, quarterly interest payments, optional redemption period starting 9/30/2021 with maturity in 2028.
The company currently has 2 baby bonds outstanding–1 with a coupon of 6.5% and the other with a coupon of 7%. Additionally they have a monthly paying 8% preferred issue outstanding (LTS-A).