Baby Bond | Innovative Income Investor

B Riley Financial Inc 6.50% Senior Notes Due 2026

Bonus Rate for Early Redemption. On 9/30/2022 and before 9/30/2023 redemption shall be at $25.50 plus accrued interest, on 9/30/2023 and before 9/30/2024 redemption shall be at $25.25 plus accrued interest. After 9/30/2024 redemption shall be at $25 plus accrued interest.

Ready Capital Corporation 6.20% Senior Notes Due 2026

If baby bonds are called on or after 7/30/2022 but before 7/30/2025 they are called at 101% plus accrued interest. If called on or after 7/30/2025 they are called at $25 plus accrued interest.

Newtek Business Services 5.75% Notes Due 2024

The company has announced redemption of 1.6 million shares for 12/29/2021.

Sachem Capital 7.125% Notes due 2024

Sempra Energy 5.75% Junior Subordinated Notes due 2079

Great Elm Capital Corp 6.50% Notes Due 2024

First Internet Bancorp 6.0% Fixed-to-Floating Rate Subordinated Notes due 2029

The coupon will be 6% until 6/30/2024 after which it will float at a rate of 3 month Libor plus a spread of 4.114%

Ladenburg Thalmann Financial Services 7.75% Senior Notes Due 2029

Ladenburg Thalmann merged with Advisors Group effective 2/12/2020. There is no longer a ‘parent’ company that is publicly traded. This baby bond issue was delisted from the AMEX and now trades on the OTC exchange. We show the ‘parent’ as LTS for sorting purposes.

Conifer Holdings Inc. 6.75% Senior Unsecured Notes due 2023

Conifer made an exchange offer for these securities. Offer was to exchange for 9.75% senior notes. The exchange offer expired on 8/1/2023. $6.25 million of new notes were exchanged for old notes–it is assumed the balance is outstanding.

Algonquin Power & Utilities Corp 6.20% Fixed-to-Floating Rate Subordinated Notes Series-A due July 1, 2079

Coupon is fixed at 6.2% until 7/1/2024 at which point it floats at 3 month Libor plus a spread of 4.01% until 7/1/2029 at which point it resets at 3 month Libor plus 4.26% and from 7/11/2049 until maturity it resets at 3 month Libor plus 5.01%.

It should be noted that this note contains a deferment provision on interest rate payments. The corporation may defer interest payments on 1 or more occasions for up to 5 consecutive years. Deferred interest will accrue, compounding on each subsequent interest payment date, until paid. No deferral may extend past the maturity date.