Large MLP Oaktree Capital (NYSE:OAK) has priced their new fixed rate preferred units (preferred shares of limited partnerships are call units) with a coupon of 6.55%.
The MLP has another older unit offering outstanding (issued 5/2018) which has a coupon of 6.625% and it is trading at $25.74 leading us to believe that this issue should move up in the $25.25 to $25.50 area within a month.
The shares will be non-qualified, non-cumulative and investment grade rated by S&P and Fitch.
The terms are the normal ones–quarterly payments, and optionally redeemable after 9/14/2023.
The issue is a larger one with 9,400,000 units offered with an additional 15% (1,410,000 units) reserved for overallotments.
The issue should trade on the OTC Grey Market under the temporary ticker OKTGP on Friday.
Thanks to xerty for keeping us on our toes.