Quoted off the exchange pre-listing at 24.85 for about 7.6% yield to worst. I like them better than the common here, risk of loss is pretty low (although not zero by any means).. Unrated. If they trade like the others you should get a fairly safe 12% over the next twelve months including potential cap gain.
I am still hanging on to the common at 82% of NAV. I think with the new financing we may get an announcement soon that SAR will start to pay a regular quarterly dividend. If so this should bring the shares closer to NAV. If the baby bonds are trading at a discount to par or at par I may buy some in my income account.
I bought 3k at 24.80. Based on KAP as comp I think they will trade to $26.50 almost immediately on listing with YTM of around 6.5%. The common has been great but I have been out (sadly) since the low 16s. In a market like this if they announce a $2 dividend I think the stock actually will trade at a 105-110% of NAV. Good luck.