mREIT New Residential Investment Corp. (NYSE:NRZ) has announced a new preferred stock issuance.
The issue will be a fixed-to-floating rate issue with the normal terms for a REIT F-T-F issue.
The shares will have an optional redemption period starting in 2024. At this point the coupon will also begin to “Float” at 3 month Libor plus a spread which has not been announced.
The permanent ticker will be NRZ-A when it moves to the NYSE from the OTC Grey market. The OTC ticker is not yet announced.
Shares will be cumulative in respect to dividends, but will not be qualified. Shares will likely be unrated.
NRZ has been a favorite among many income investors and this issue may be something to look at–we will see when it is priced.