Convertible | Innovative Income Investor

Braemar Hotels & Resorts Inc. 5.5% Series B Cumulative Convertible Preferred

Shares are convertible at the option of the holder into 1.3228 common shares at an initial conversion price of $18.90. After 6/10/2020 if the price of the common exceeds 110% of the conversion price for 45 consecutive days the company may at their option force conversion at the then prevailing conversion price.

Bank of America Corporation Non Cumulative Perpetual Preferred Convertible Preferred Stock Series L $1000

Shares are convertible, at the option of the holder any time into 20 shares of BAC (an initial conversion of $50). After 1/30/2013 if the common shares exceeds 130% of the conversion price for 20 or any 30 consecutive day perior the company may force a conversion at the current conversion rate

Wells Fargo & Company 7.50% Non-Cumulative Perpetual Convertible Preferred, Series L

Originally issued by Wachovia Bank which was acquired by Wells Fargo on 1/1/2009

Issue is not callable

Shares are convertible into shares of Wells Fargo at the option of the holder into 6.3814 shares of Wells Fargo. On and after 3/15/2013 if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days the company may, at their option force conversion of the then prevailing conversion price. The initial conversion price was $156.71.
Further information can be found in the registration statement

EPR Properties 9.0% Series E Cumulative Convertible Preferred Shares

EPR Properties 5.75% Series C Cumulative Convertible Preferred Shares

Pyxis Tankers 7.75% Series A Convertible Preferred Stock

On 7/16/2021 the company sold 308,487 shares @ $20.00/share

Esports Entertainment Group Inc. 10% Series A Series A Cumulative Convertible Preferred Stock

Preferred dividend suspended 12/8/2023. Announcement is here.

Subject to earlier conversion or redemption, the Series A Convertible Preferred Stock matures five years from issuance at which point the Company must redeem the shares of Series A Convertible Preferred Stock still outstanding. The Series A Preferred Stock does not provide for a retirement or sinking fund and no holders of Series A Convertible Preferred Stock have any preemptive rights to purchase or subscribe for shares of our common stock or any of our other securities.

Each share of Series A Convertible Preferred Stock is convertible into shares of our common stock, at a conversion price of $17.50 per common share, at any time at the option of the holder. In the event that any shares of Series A Convertible Preferred Stock are called for redemption, the right of conversion ceases and terminates, as to the shares so called for redemption, at the close of business on the seventh (7th) day prior to the date fixed for redemption unless default has been made in the payment of the redemption price. No adjustment will be made for dividends accumulated on any shares of Series A Convertible Preferred Stock so converted nor for dividends on any shares of our common stock that will be issuable on any conversion.

The Series A Convertible Preferred Stock is subject to mandatory redemption upon a change of control at a cash redemption price of $11.00 per share plus an amount equal to all to all dividends accrued or in arrears on the redemption date.

The Series A Convertible Preferred Stock is redeemable, at our option, in whole or in part, at any time on or after January 1, 2023, at a per share redemption price of $11.00 plus an amount equal to all dividends accrued or in arrears on the shares to be redeemed to the date fixed for redemption.

Bunge LTD 4.875% Cumulative Convertible Perpetual Preference Shares

Redeemable only if the price of the commons shares trade at more than 130% of conversion price ($92.20) for 20 tradings days during a 30 day consecutive period

11/1/2020 conversion is now at $81.81

On 321/2022 all shares converted into common shares. The conversion was triggered by the strong share price of the common.

AMG Capital Trust II 5.15% Convertible Trust Preferred Securities due 10/15/2037 ($50 issue)

These shares were sold by AMG Capital Trust and the debentures, maturing on 10/15/2037 are the sole asset of the trust. The dividends of these trust preferred shares are NOT qualified for preferential tax treatment. The shares are convertible at anytime, at the option of the owner, into .25 common shares of Affiliated Managers Group (AMG). On or after 10/16/2012, if the price of the common shares exceeds 130% of the conversion price ($200/share) for 20 of 30 consecutive days the company may, at their option, force conversion of the preferred shares. Given that the common shares are trading around $65 on 5/5/2020 it is highly unlikely that the company will ever be able to force conversion.

Distributions (other than contingent distributions) may be deferred for up to 20 consecutive quarterly periods, but not beyond the maturity date of the junior subordinated convertible debentures held by the trust. The junior subordinated convertible debentures will mature on October 15, 2037.

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.