Sector: Energy

El Paso Energy Capital Trust I, 4 3/4% Trust Convertible Preferred Securities

Kinder Morgan is the parent corporation as they purchased El Paso Energy

Capital Trust I (Trust I), is a 100%-owned business trust that as of December 31, 2018, had 4.4 million of 4.75% trust convertible preferred securities outstanding (referred to as the Trust I Preferred Securities). Trust I exists for the sole purpose of issuing preferred securities and investing the proceeds in 4.75% convertible subordinated debentures, which are due 2028. Trust I’s sole source of income is interest earned on these debentures. This interest income is used to pay distributions on the preferred securities. We provide a full and unconditional guarantee of the Trust I Preferred Securities. There are no significant restrictions from these securities on our ability to obtain funds from our subsidiaries by distribution, dividend or loan. The Trust I Preferred Securities are non-voting (except in limited circumstances), pay quarterly distributions at an annual rate of 4.75%, carry a liquidation value of $50 per security plus accrued and unpaid distributions. The Trust I Preferred Securities outstanding as of December 31, 2018 are convertible at any time prior to the close of business on March 31, 2028, at the option of the holder, into the following mixed consideration: (i) 0.7197 of a share of our Class P common stock; and (ii) $25.18 in cash without interest. We have the right to redeem these Trust I Preferred Securities at any time.

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Just Energy 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares

Issue will trade with a 8.50% fixed coupon until 3/31/2022. From 3/31/2022 until 3/30/2027 it will have a coupon of 6.48% plus the Mid Market Swap Rate plus 1/2%. On 3/31/2027 and thereafter the coupon will be 6.48% plus the Mid Market Swap Rate plus 1%

DIVIDENDS SUSPENDED ON THIS ISSUE 12/2/2019. ISSUE IS CUMULATIVE SO DIVIDENDS WILL CONTINUE TO ACCRUE

Shares delisted–converted to common

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Global Partners LP 9.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Coupon is fixed until 8/14/2023 after which it will float at the rate of 3 month Libor plus a spread of 6.774%

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Enbridge Inc. 6.375% Fixed-to-Floating Rate Subordinated Notes 2018-B Series due 2078

Coupon is fixed at 6.375% until 4/15/2023 after which it will float at a rate of 3 month Libor plus a spread of 3.593 until 4/15/2028. After 4/15/2028 until 4/15/2043 the coupon will be 3 month Libor plus a spread of 3.843%. From 4/15/2043 until 4/15/2078 the coupon will be 3 month Libor plus a spread of 4.593%.




Targa Resources Partners, 9.00% Series A Fixed-to-Floating Cumulative Redeemable Perpetual Preferred Units

Coupon will be fixed at 9% until 11/01/2020 after which it will float at the rate of 1 month Libor plus a spread of 7.71%

This issue comes with a K-1 at tax time.

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Gastar Exploration, Inc., 8.625% Series A Cumulative Preferred Securities

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This is a regular preferred stock with an issuance and redemption preference of $25. Shares are cumulative in regards to dividends (even if they suspend dividend payments they will continue to accrue).  Dividends will be qualified in respect to dividends, meaning that investors receive preferential tax treatment on dividends. Note that dividends are return of capital (ROC) if the company does not have operating income.

The shares are perpetual in regards to maturity (i.e. it has no maturity), but shares can be redeemed, at the option of the issuer, for $25/share plus accrued dividends anytime after 6/23/2014.

The shares are perpetual in regards to maturity (i.e. it has no maturity).

Dividends are paid monthly on the last day of the month.

 

Gastar Exploration, Inc., 10.75% Series B Cumulative Preferred Stock

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