Merchants Bank (MBIN) has announced a new issue of fixed rate preferred stock.
At the moment the company has 2 outstanding high yield fixed-to-floating rate issues outstanding which can be seen here. Neither issue is redeemable until 2024.
The issue will be qualified for a lower tax rate on dividends, but non-cumulative.
EarlyBird was right on this one. EB also posits ‘yield talk’ in the 6.25%. The issue will not be rated by the major ratings agencies, but may be BBB+ from Egan-Jones.