MooreBonds
Thinks s/he gets paid by the post
LMRKN, trading at about $23.50. I already had 200 of their LMRKP. LMRKN is a new issue, 7% coupon, but it's a little unusual: callable after 7 years, but you, the holder, can also exercise a force call by the company at par after 7 years, and then once a year thereafter. Interest rate: the GREATER of 7% or 3mo LIBOR + 4.698%. After 7 years, interest rate rises to 9%, and then another bump up after that. It's convertible to common shares, but conversion price is $19.21 (current equity is at $14.45).
So, essentially, it's a 7 year security of a company that's a little different (owns real estate leased to billboard companies, as well as other infrastructure assets it leases out).
I picked up 100 of the new LMRKN this morning. I would have picked up 200 if I didn't already have 200 of the LMRKP.
So, essentially, it's a 7 year security of a company that's a little different (owns real estate leased to billboard companies, as well as other infrastructure assets it leases out).
I picked up 100 of the new LMRKN this morning. I would have picked up 200 if I didn't already have 200 of the LMRKP.