As Nomad had predicted the new perpetual preferred issue from Sotherly Hotels (NASDAQ:SOHO) has priced with a coupon of 8.25%.
The company will sell 1.08 million shares with an over allotment of 162,000 shares. The proceeds will be used to call the 7.25% baby bonds (NASDAQ:SOHOK) which had an early call date starting 2/15/2019 and a maturity date of 2/15/2021.
The new issue is unrated and will pay cumulative, non-qualified dividends.
The shares will have an optional early redemption, at the companies option, starting 4/18/2024.
Shares will trade on the OTC Grey market tomorrow with the temporary ticker of SOHEP.
The permanent ticker will be SOHON after grey market trading (in about a week).