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RAMACO RESOURCES, INC. ANNOUNCES PROPOSED PUBLIC OFFERING OF SENIOR UNSECURED NOTES DUE 2029
https://www.pressviewer.com/profiles/investor/NewsPrint.asp?v=6&b=2352&ID=140473&m=rl&g=1126
Own a small position in METCL, DYODD
How interesting… I wonder what the pricing talk is? Also interesting it looks as though they are not using funds to call METCL – “We estimate that the net proceeds from this offering will be approximately $ million after discounts, commissions and expenses related to this offering (but excluding the Structuring Fee (as defined in “Underwriting”)) (or approximately $ million if the underwriters’ overallotment option is exercised in full). We intend to use the net proceeds from this offering for general corporate purposes, including funding future investments, making capital expenditures and funding working capital.”
Also of note is how expensive an issue this is going to be to issue… Underwriting fees will amount to 3.50% (3.15% is normal) PLUS an additional .50% paid to the lead underwriter of a “structuring fee” on top of that…. not a good look…
AHL-C is tanking today. Anyone have an idea as to why?
jshsky-
Wouldn’t call -2% crashing for AHL-C. My guesses…
A. Broke technical support at ~26, triggered stops
or
B. Someone sniffed out a call
or
C. I haven’t a clue.
Yeah – I’ll go with #3. It’s just a bit surprising given that its a nice 9% divvy going ex 12/13/24. I have a small position.
MBIEV trading at Fido 25.05 x 25.10
Not sure if I want another perpetual — keep expecting mkt moving event or maybe higher rates with all the Fed debt piling on.
–thoughts?
Gary,
I already own MBINM which is a fixed rate reset every 5 years. If I did not own some of that I would probably take a small bite of MBIEV. The higher coupon of 7.625% gives you some room for protection from rising rates. With that said the bank itself seems to worry others (CRE exposure) so we should also be concerned. Thus I would keep the position small if you decide to buy.
It is probably not what I call a preferred for the high risk bucket but it is also not a sleep well at night one either. It is walking the tight rope right in the middle and thus you are paid 7.625% for that risk.
ANG-A (formerly AEL-A) trading just under par with the Dec 1 call/reset to the 5-year yield + 4.322% (over 8%) very near. The reset will occur as there is no announced call, but after that 30-days notice. Of course, it could be called on Dec 1 and the company says oops!
KIM-N is now trading at about the same yield as KIM-L and KIM-M. So for anyone who wants to stay invested in KIMCO preferred, it’s a good time to swap.