mREIT Two Harbors Investment (TWO) priced their previously announced senior notes with a coupon of 9.375%.
They are issuing 4 million shares (bonds) with another 600,000 shares available for overallotment.
There will not be OTC early trading in this issue and it will be a week or so before trading begins.
The pricing term sheet can be read here.
Do you know the trading symbol?
Leonard,
The trading symbol will be TWOD. As shown in Tim’s table above.
TWOD is a baby bond, not a preferred.
PREFERREDS often trade (on OTC) with a temp symbol before they move on to their exchange (NYSE, NASDAQ, etc.), which is when/where they trade with their permanent symbol.
As far as I know, BABY BONDS only ever have a permanent symbol and only begin trading on their exchange, never on OTC. As is common with baby bonds, TWOD says this in the term sheet (the FWP Tim attached, above):
Listing: The Company intends to apply to list the Notes on the New York Stock Exchange under the trading symbol “TWOD” and expects trading of the Notes to commence within 30 days after the original issue date
I periodically check they symbol to see if it’s begun trading. That and someone posting on III that it’s trading are the only ways I know of finding out it’s begun trading.
https://www.finra.org/finra-data/fixed-income/trade-history?symbol=TWO6071300&bondType=CA
Thanks, ste.