If redeemed on or after 6/30/2022 and prior to 6/30/2023 the redemption is at 102% plus accrued interest. On or after 6/0/2023 and prior to 6/30/2024 the redemption is at 101% plus accrued interest. On and after 6/30/2024 redemption is at 100% plus accrued interest.
Sector: Shipping
Global Ship Lease 8.00% Senior Unsecured Notes Due 2024
Global Ship Lease, Inc. is offering $27,500,000 aggregate principal amount of its 8.00% Senior Unsecured Notes due 2024 (the “Notes”), as described in this prospectus supplement. The Notes will bear interest from November 19, 2019 at a rate of 8.00% per year. Interest on the Notes will accrue from November 19, 2019 and will be paid quarterly in arrears on the last day of February, May, August and November of each year, commencing on February 29, 2020 and at maturity. The Notes will mature on December 31, 2024. We may redeem the Notes for cash, in whole or in part, at any time at our option (i) on or after December 31, 2021 and prior to December 31, 2022, at a price equal to 102% of the principal amount to be redeemed, (ii) on or after December 31, 2022 and prior to December 31, 2023, at a price equal to 101% of the principal amount to be redeemed, and (iii) on or after December 31, 2023 and prior to maturity, at a price equal to 100% of the principal amount to be redeemed, in each case, plus accrued and unpaid interest to, but excluding, the date of redemption, as described under “Description of the Notes—Optional Redemption.” In addition, we may redeem the Notes, in whole, but not in part, at any time prior to December 31, 2021, at our option, at a redemption price of 104% of the principal amount being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption, upon the occurrence of certain change of control events, as described under “Description of the Notes—Optional Redemption in Case of Change of Control.”
GasLog Partners LP 8.50% Series C Cumulative Redeemable Perpetual Fixed To Floating Rate Preference Units
Shares shall carry a coupon of 8.50% until 3/15/2024 at which time the coupon will float at the rate of 3 month libor plus a spread of 5.317%.
Investors in this security will receive a 1099 NOT a K-1 as GasLog Partners has chosen to be taxed as a C-Corp.
International Seaways 8.50% Senior Notes due 2023
Tsakos Energy Navigation 9.25% Series E Fixed to Floating RateCumulative Redeemable Perpetual Preferred Shares
Coupon will be fixed at 9.25% until 5/28/2027 after which the rate will float at 3 month Libor plus a spread of 6.881%.
Investors will receive a 1099 at tax time as Tsakos Energy Navigation has chosen to be taxed as a c-corp
Scorpio Tankers 8.25% Senior Notes due 2019
Atlas Corp 8% Series I Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares
Reorganized 2/27/2020 with a name change from Seapan to Atlas
Coupon is fixed until 10/30/2023 after which point it floats at a rate of 3 month Libor plus 5.008%
Seaspan Corporation 7.125% Notes due 2027
Reorganized 2/27/2020 with a name change from Seapan to Atlas
Atlas announced plans to call these baby bonds on 10/10/2020–in the meantime they will be delisted.
9/10/2020. Seaspan division of Atlas Corp announced they WOULD NOT redeem this issue at this time. As far as we know these remain delisted.
Relisted in 12/2020 under ticker SESCF
Tsakos Energy Navigation LTD 9.50% Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock
The coupon is fixed at 9.50% until 7/30/2028 after which the coupon will float at a rate of 3 month Libor plus a spread of 6.54%.
Investors will receive a 1099 at tax time as Tsakos Energy Navigation has chosen to be taxed as a c-corp
GasLog Partners LP, 8.625% Series A Cumulative Redeemable Perpetual Fixed-to-Floating Rates Preference Units
Shares shall carry a coupon of 8.625% until 6/15/2027 at which time the coupon will float at the rate of 3 month libor plus a spread of 6.31%.
Investors in this security will receive a 1099 NOT a K-1 as GasLog Partners has chosen to be taxed as a C-Corp.
Teekay LNG Partners 8.50% Series B Fixed-to-Floating Cumulative Redeemable Perpetual Preferred Units
Coupon is fixed at 8.50% until 10/15/2027 after which it will float at a rate of 3 month Libor plus a spread of 6.241%.
A 1099 will be issued at tax time as Teekay LNG Partners has chosen to be taxed as a c-corp
Altera Infrastructure Partners 8.875% Series E Fixed-to-Floating Cumulative Redeemable Perpetual Preferred Units
Name has changed to Altera Infrastructure LP as of 3/24/2020. Ticker symbols changed at that time. Was previously Teekay Offshore. Altera is owned by Brookfield Business Partners (BBU)
Coupon will be fixed at the rate of 8.875% until 2/15/2025 at which point it will float at the rate of 3 month Libor plus a spread of 6.407%
Investors will receive a 1099 at tax time as Teekay Offshore Partners has chosen to be taxed as a c-corp
Dividends Suspended 7/29/2021
Costamare Inc. 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock
Golar LNG Partners LP 8.75% Series A Cumulative Redeemable Preferred Units
Golar LNG Partners is a MLP, but has chosen to be taxed as a C-corp. A 1099 will be issued at tax time.
On 4/15/2021 Golar was acquired by New Fortress Energy (NFE) and these shares have been delisted–although they remaim outstanding
Shares are now trading on the OTC Pink Sheets under Ticker GMLPF
Star Bulk Carriers Corp. 8.30% Senior Notes due 11/15/2022
Hoegh LNG Partners 8.75% Series A Cumulative Redeemable Preferred Units
While a partnership Hoegh is taxed as a c corp and this the dividend is qualified
Tsakos Energy Navigation Ltd, 8.875% Series C Cumulative Redeem Perp Preferred Shares
Issue has a failure to redeem clause effective 10/30/2020. If not redeemed by this time the coupon moves to 1.25 times 8.875% (11.1%)
Tsakos Energy Navigation Ltd, 8.75% Series D Cumulative Redeemable Perpetual Preferred Shares
Tsakos Energy Navigation Ltd, 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares
This preferred stock issue while technically perpetual contains a failure to redeem clause. If not redeemed by 7/30/2019 shares will pay 1.25 times the 8% coupon (10%) and shall increase at the same rate annually until redeemed to a maximum of 30%.
Shares have been called for redemption on 7/30/2019
Altera Infrastructure Partners LP, 8.50% Series B Cumulative Redeemable Preferred Units
Name has changed to Altera Infrastructure LP as of 3/24/2020. Ticker symbols changed at that time. Was previously Teekay Offshore. Altera is owned by Brookfield Business Partners (BBU)
Investors will receive a 1099 at tax time as Teekay Offshore Partners has chosen to be taxed as a c-corp
Dividends Suspended 7/29/2021
Altera Infrastructure Partners LP, 7.25% Series A Cumulative Redeemable Preferred Units
Name has changed to Altera Infrastructure LP as of 3/24/2020. Ticker symbols changed at that time. Was previously Teekay Offshore. Altera is owned by Brookfield Business Partners (BBU)
Investors will receive a 1099 at tax time as Teekay Offshore Partners has chosen to be taxed as a c-corp
Dividends Suspended 7/29/2021
Teekay LNG Partners, L.P., 9.00% Series A Cumulative Redeem Perpetual Preferred Units
A 1099 will be issued at tax time as Teekay LNG Partners has chosen to be taxed as a c-corp
Atlas Corp., 8.25% Series E Cumulative Redeemable Perpetual Preferred Shares
Reorganized 2/27/2020 with a name change from Seapan to Atlas
Atlas Corp., 8.20% Series G Cumulative Redeemable Perpetual Preferred Shares
Reorganized 2/27/2020 with a name change from Seapan to Atlas
Atlas Corp., 7.95% Series D Cumulative Redeemable Perpetual Preferred Shares
Reorganized 2/27/2020 with a name change from Seapan to Atlas