mREIT New Residential investment (NYSE:NRZ) will be selling a new fixed-to-floating rate preferred.
The new issue will have a permanent ticker of NRZ-B and we are awaiting the announcement of the OTC Grey market ticker.
The optional redemption (and floating rate period) will start in 8/2024.
The issue will be unrated and being a mREIT the shares will be cumulative, but non-qualified.
The company sold an issue of FTF preferred in June and the issue carries a coupon of 7.50% with a 5.82% spread when it begins to float. That issue can be seen here.
Thanks to Eugene who noted this 25 minutes ago in the Reader Initiated Alert page.