This morning we purchased a small 300 unit position in the new Global Partners 9.75% f-to-f preferred units (OTC:GLPRU) at $24.82
Unfortunately we are a bit blind as we have not done a deep dive on financials but a quick once over showed them to be acceptable. We DON’T advocate investors buying within the bunch of due diligence, but we have to break the rules sometimes as we are too busy at this moment to do things right.
Note this new issue is a small one–just 2.4 million units so it is likely to be gobbled up within a couple of days.
Whether we hold this one longer term or just flip it for 50 cents remains to be seen.