REIT Saul Centers (NYSE:BFS) has announced a new issuance of preferred shares with the intention to redeem the 6.875% BFS-C issue.
The issue will be a typical REIT issue being cumulative and non qualified. The permanent ticker will be BFS-E when it trades on the big board. The OTC ticker has not been announced yet.
While likely to be unrated BFS is a quality company and the coupon is likely to be somewhat meager.
mcg was right on this one in the Reader Initiated Alerts section.