Business development company (BDC) Logan Ridge Finance (LRFC) has announced they have sold $50 million worth of private placement notes with a coupon of 5.25%.
They stated they plan to redeem a portion of the 6.00% notes due 2022 (CPTAL). No firm announcement has been made on the redemption.
Once again we are losing exchange traded debt to a private placement.
Note–Logan Ridge Finance was previously Capitala.
The company press release is here.
I remember when I bought this POS that they were trying to pay these off early. Then they had some stinky quarters and gave up trying.
I have about 80 shares of CPTAL at Schwab. About half at par and half under par. I was going to hold the under par shares until maturity and sell the at par shares. My limit order didn’t fill today, so I still have them all.
Should I….
Sell all now?
Sell the shares I bought at par?
Sell the shares I bought under par?
Sell none and let er’ ride?
I dunno
FWIW – Portman Ridge took over their asset management a few months ago. Cwapitala was a sucky BDC manager. The only smart thing they have done so far is fire themselves as managers! hee hee
It could be CPTAL or CPTAG, since both mature in May 2022.
Bill–the convertible can’t redeemed until maturity 5/31/2022 (correction).
CPTAG cannot be called. It is a busted convertible.
TheGoat–it matures 5/31/2022–and can’t be called prior. Thanks for the clarification.