Coupon is fixed until 8/15/2029 after which point it will float at the rate of 3 month Libor plus a spread of 3.148%
May only be redeemed on a dividend payment date
Type: Floating Rate
First Horizon National Corporation 6.10% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock Series D
IberiaBank merged with First Horizon National on 7/1/2020 with First Horizon National surviving. New shares of First Horizon Preferred have been exchanged for the old IberiaBank preferred–all terms remain the same.
Coupon is fixed at 6.10% until 4/30/2024 after which it will float at the rate of 3 month Libor plus a spread of 3.859%. When the security enters the floating rate period dividends will be paid on a quarterly basis on 2/1, 5/1, 8/1 and 11/1
Dividend is paid only 2 times per year on 5/1 and 11/1–that is why it is not in the grid below. Also the grid below shows a quarterly dividend of .763 cents/quarter–this is the semi-annual payment.
Merchants Bancorp 7.00% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock
Coupon is fixed until 4/1/2024 at 7% after which it begins to float at a rate of 3 month Libor plus a spread of 4.605%
May only be redeemed on a dividend payment date
NGL Energy Partners LP 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Coupon is fixed at 9.625% until 4/15/2024 at which point it begins to float at 3 month Libor plus a spread of 7.384%
6/3/2021 dividends are suspended
Ellington Financial 8.25% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
The coupon will be fixed until 3/30/2024 after which it will float at a rate of 3 month Libor plus a spread of 5.664%
Ticker symbol changed 10/26/2020
Originally issued by Arlington Asset which was acquired by Ellington Financial on 12/14/2023