Redeemable starting 7/31/2021 for $27.50/shares. Each anniversary year the redemption premium is reduced by 2% until the 5th year anniversary (7/16/2025) when the redemption is $25.00 plus accrued and unpaid dividends.
On 6/15/2021 the company reopened this issue with an additional 420,000 shares
We have this issue marked as NON qualified–it appears that some brokers label it interest (non qualified) but some readers have received tax data from brokers calling it qualified dividends. Thus you must check with your particular broker to find out how thay are handling it.
This issue has no early redemption feature and will be redeemed in 2039 – the 21st anniversary after issuance.
Originally issued by GCI Liberty prior to a combination with Liberty Broadband. From the Liberty Broadband 10K–
Liberty Broadband Preferred Stock was issued as a result of the Combination on December 18, 2020. Each share of GCI Liberty Preferred Stock outstanding immediately prior to the closing of the Combination was converted into one share of newly issued Liberty Broadband Preferred Stock. The Company is required to redeem all outstanding shares of Liberty Broadband Preferred Stock out of funds legally available, at the liquidation price plus all unpaid dividends (whether or not declared) accrued from the most recent dividend payment date through the redemption date, on the first business day following March 8, 2039. There were 7,300,000 shares of Liberty Broadband Preferred Stock authorized and 7,193,631 shares issued and outstanding at December 31, 2020. An additional 42,700,000 shares of preferred stock of the Company are authorized and are undesignated as to series. The Liberty Broadband Preferred Stock is accounted for as a liability on the Company’s consolidated balance sheets because it is mandatorily redeemable. As a result, all dividends paid on the Liberty Broadband Preferred Stock are recorded as interest expense in the Company’s consolidated statements of operations.
Redemption on 4/15/2022 is at a premium of $1/shares–making redemption $26 plus accrued dividends.On and after 4/15/2023 redemption is at $25,75 plus accrued dividends. On and after 4/15/2024 redemption is at $25.50 plus accrued dividends. On and after 4/15/2025 redemption is at $25.25 plus accrued dividends. On and after 4/15/2026 redemption is at $25 plus accrued dividends.
Coupon is set at 7.00% until 6/14/2026. On 6/15/2026 the coupon is reset at 6.134% plus the 5 year treasury. The issue resets on every 5th anniversary.
Coupon is fixed until 6/15/2026 at 8.25% after which it will reset at the 5 year treasury rate plus a spread of 7.378%. There after the coupon will reset every 5 years.
This is a K-1 issuing security
On 4/26/2022 the company transferred to the NASDAQ from the NYSE and all tickers of preferred shares changed
FTAI Aviation was spun off from Fortress Transportation Infrastructure effective 11/10/2022
Issue is no longer a K-1 issuer.
We may redeem the Notes for cash in whole or in part at any time at our option (i) on or after February 28, 2022 and prior to February 28, 2023, at a price equal to $25.75 per note, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after February 28, 2023 and prior to February 29, 2024, at a price equal to $25.50 per note, plus accrued and unpaid interest to, but excluding, the date of redemption, (iii) on or after February 29, 2024 and prior to February 28, 2025, at a price equal to $25.25 per note, plus accrued and unpaid interest to, but excluding, the date of redemption, and (iv) on or after February 28, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption.
