Lodging REIT Summit Hotel Properties (INN) will be selling a new issue of preferred stock.
Being a REIT the issue will be cumulative, but not qualified.
The new issue will have a permanent ticker of INN-F on the NYSE after a short stint on the OTC grey market (temporary ticker not yet announced).
The company currently has 2 preferred issues outstanding of which the INN-D 6.45% issue is currently redeemable. The company has announced plans in the prospectus to redeem this issue.
The preliminary prospectus can be read here.
J was right on top of this one.
7 thoughts on “Lodging REIT Summit Hotel Properties to Sell New Preferred”
E is currently @ 26.87
Any idea where this new issue might end up ?
A lot lower in coupon and price. I would pricing to come out later today if it hasn’t already.
Just got off the phone with the IR Mgr. he said they are looking at a coupon between 5.50 and 5.80%. He went onto say that the call will take place between Sept. 5th and Oct. 5th. Super nice guy. I feel pain on this one as I own a boatload of both issues. Going to be tough to replace a 6.45% coupon.
Slight correction the top end of the range is 5.87%. Sorry about that.
I own an absolute Boatload of both issues. The “E” issue which is a 6.25% is callable on 11/13/2022. The “D” which is the 6.45% and is being called now. I have a call in for Adam their I R Mgr. with a couple of questions.
The guessing game on D is all but over. E is still a question mark but the call of D just moved the probability needle on E.
If called at first opportunity the return on E is almost nil given present price.