New Landmark Infrastructure Convertible Floating to Fixed Preferred Trades Weak

The new Landmark Infrastructure (NASDAQ:LMRK) Floating to Fixed convertible preferred is trading and the results of this unique issue are not good thus far.

The issue is trading on the OTC Grey Market under the ticker LMMKP and the last trade was at $23.90.  Yesterday the first posted trade of 70,000 shares went off at $25–may be the last time this one sees $25 for a while if trades since that time are any indication.

This issue is floating now at the greater of 7% OR 3 month libor (now at 2.3%) plus spread of 4.698%.

The pricing term sheet for the issue can be found here.

When we wrote last night we mentioned that new preferreds with a K-1 attached to it (such as this issue) have traded weakly recently and it appears that this continues.

3 thoughts on “New Landmark Infrastructure Convertible Floating to Fixed Preferred Trades Weak”

  1. What do you think of this one in comparison to the current Landmark preferred issues?

  2. Tim, considering the current yield on the B shares of Landmark, I’m not sure why anyone would purchase the new C shares. The B shares closed at $23.88 today and have a coupon rate of 7.90%. Attractive considering the A shares have a coupon rate of 8.00% but are trading $1 higher.

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