4:30 PM CST
Sotherly Hotels (NASDAQ:SOHO) has priced their new baby bond issue with a coupon of 7.25%.
Additionally in this case if the company decides to redeem the debt after 2/15/2019 and prior to maturity they will pay a premium of 101%, plus accrued interest
While we are not fond of lodging REITs this issue has some possibilities as it has a maturity date in 2021. The combination of a 7.25% coupon with the very short maturity date means we need to strongly consider a purchase of this security.
The issue will trade under the ticker SOHOK. This issue will not trade OTC grey market prior to issuance. The issue should trade in the next couple of days–watch your broker for the loading of the ticker into their quote system.
We will post when we see the issue start to trade.