Landmark Infrastructure Prices Floating to Fixed Preferred

Landmark Infrastructure has priced their floating to fixed preferred issue.

It starts off with a floating coupon of the greater of 7% or 3 month libor plus a spread of 4.698%.

In 2025 it will go to a fixed rate 9% (wow).

We don’t have time to look this over now, but will later.

The press release is here.

 

4 thoughts on “Landmark Infrastructure Prices Floating to Fixed Preferred”

  1. Flattest yield curve in 10 years, I just heard from Bloomberg. Yikes. That hasn’t been a good indicator.

    1. GW–I have a lot of thoughts on that and hope I can find time to write on it. Something is up in the market place–not sure what–maybe Deutschbank is going broke (they have the largest derivative book in the world)-just don’t know why this is happening.

  2. Tim:
    Thank you so much. Your help is so appreciated. Looks to me like the intention is to call these on May 15, 2025.
    Jim

    1. Hi James–I agree–it would be quite a ‘penalty’ coupon at that time if not called. On the other hand we can’t figure out interest rates for next week let alone in 7 years.

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