Coupon is fixed at 8% until 6/15/2024 after which time it will begin to float at 3 month Libor plus a spread of 5.99%
Type: Floating Rate
SeaPeak (FKA 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
Teekay LNG Partners was acquired by StonePeak and rebranded SeaPeak on 1/13/2022. There is no publicly traded parent – ticker below is for sorting purposes only
Altera Infrastructure Partners 8.875% Series E Fixed-to-Floating Cumulative Redeemable Perpetual Preferred Units
Altera Infrastructure filed Chapter 11 on 8/15/2022
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
Annaly Capital Management, 6.95% Series F Fixed-to-Floating Cumulative Redeemable Preferred Stock
Annaly Capital Management, Inc. is a real estate investment trust (REIT) that primarily invests in and manages a portfolio of mortgage-backed securities. The company operates as a middleman between borrowers and lenders by using the funds from short-term borrowings to purchase long-term, fixed-rate mortgages. Annaly Capital generates revenue through the difference between the interest income earned on its mortgage investments and the cost of its borrowings. The company’s goal is to generate high, stable income for its shareholders while also preserving capital. Annaly Capital is headquartered in New York and was founded in 1997.
Coupon is fixed at 6.95% until 9/30/2022 after which the rate resets quarterly at 3 month libor(now SOFR) plus 4.993%.
Via Renewables 8.75% Series A Fixed-to-Floating Cumulative Redeemable Perpetual Preferred Stock
Name changed to Via Renewables (from Spark Energy) as of 8/10/2021 with resultant ticker changes
Issue has been reopened as of 1/24/2018 with an additional 2 million shares offered plus 250,000 shares for overallotment.
On and after April 15, 2022 (the “Floating Rate Period”), dividends on the Series A Preferred Stock shall accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (as defined below) as calculated on each applicable Date of Determination (as defined below) and (b) 6.578%, based on the $25.00 liquidation preference per share of Series A Preferred Stock (the “Floating Dividend Rate”).
The company has reopened this issue and there are now 3.6 million shares outstanding
7/1/2023 Now trading with 3 month SOFR plus .2616% Replacing LIBOR