Priced the offering at $9.78. Who cares about the shareholder?
They are paying 8% on the tangible equity units.
They currently pay 7.5% and 8% on their existing preferreds.
These are junk bond rates people. We are living in an extremely low rate environment yet this company is paying junk yields. What a reflection on management and their strategy.
Sentiment: Strong Sell
If it looks like junk and acts like junk maybe it is.