This is an odd duck preferred. Per the most recent 10K I reviewed (for year ending 12/31/2018) there are just over 35 million Series A Preferred units outstanding. 52% of the preferred A units are held by Ergon which relates to a transaction in 2016 where Ergon bought the BlueKnight general partner. While the Series A shares are not called convertible they are in fact convertible. Directly from the prospectus–The Series A Preferred Units are convertible in whole or in part into common units at the holder’s election. The number of common units into which a Series A Preferred Unit is convertible is equal to (i) $6.50 divided by (ii) the Conversion Price. The Conversion Price is an amount equal to the volume-weighted average trading price per common unit during the 20 consecutive trading days ending on September 28, 2011; provided, that the Conversion Price shall be no greater than $6.50 and no lower than $5.50. In addition, under certain circumstances, we can convert all of the Series A Preferred Units into common units.
There does not appear to be an early redemption period available to Blueknight
Effective 9/1/2021 CODI is classified as a ‘c’ corporation instead of a partnership. Dividends forward will be qualified.
codi Symbol Info by TradingView
4/21 Ticker Changed.
The coupon is fixed at 7.60% until 5/15/2024 after which it will float at a rate of 3 month Libor plus a spread of 5.161%
ET Symbol Info by TradingView
A total of 7,927,288 shares of Series A preferreds are now outstanding as of 12/31/2018. The company has used the shares a number of times while doing acquisitions. 20% of the shares will be redeemed, on a pro-rata basis, not later than 2/9/2020. These shares have a maturity date 9 years after initial issuance, which was in 2017
On 12/23/2019 the company announced the redemption of 1.6 million shares of the preferred stock–20.2% of the outstanding shares.
GAIN Symbol Info by TradingView