mREIT ARMOUR Residential REIT (ARR) will be selling a new perpetual preferred in a refinancing transaction.
The company has 1 outstanding issue of monthly paying preferred, the ARR-B 7.875% issue which will be at least partially called. It has been redeemable since 2/2018. The ARR-B issue has been trading right around $25 for many months, but moved higher 5-6 days ago and is now at $25.34.
The new issue will carry on the tradition of paying monthly dividends and will be cumulative, but non qualified.
The preliminary prospectus can be found here.
Thanks to EarlyBird and Ptrader for being on the ball this morning and spotting this new issue only minutes after it was posted.