MLP Landmark Infrastructure Partners (NASDAQ:LMRK) has announced the issuance of a new series of convertible preferred units (partnership preferreds are units instead of shares).
The Series C will be a floating to fixed rate issue.
Currently Landmark has 2 fixed rate regular preferred issues outstanding. The LMRKP issue has a 8% coupon and trades at $25.13 while the LMRKO issue has a 7.9% coupon and trades at $24.05.
This issue will result in a K-1 being issued to the investor as well as paying NON qualified distributions.