FGSN - New Preferred Stock IPOs, January 2025
2025-01-30 10:12:00 ET
Summary
- January saw five new preferred stock and exchange traded debt offerings with yields ranging from 6.5% to 9.125%.
- Notable new offerings include Gladstone Investment Corp.'s notes at 7.875%, American National Group's preferred stock at 7.375%, and Southern Company's notes at 6.5%.
- Investors can purchase new preferred stocks at wholesale prices on the OTC exchange, potentially avoiding capital loss if prices drop.
- CDx3 tracks preferred stocks and ETDs trading below par, offering insights into securities available below initial offering prices.
New offering summaries:
Externally managed Business Development Company ((BDC)) Gladstone Investment ( GAIN ) priced an offering of $110 million worth of new exchange-traded notes due 2030, offering a fixed coupon of 7.875%. The new notes received a credit rating of BBB- from Egan-Jones Ratings Company. The company may optionally redeem the notes early, beginning in February 2027. The company indicated that offering proceeds will go in part towards paying down its credit facility, as well as new portfolio investments. The new notes trade on the Nasdaq under the symbol GAINI....
New Preferred Stock IPOs, January 2025