CHS Prices Large Preferred Issue
By: Tim McPartland,
September 9, 2014 8:30 am
For those that have been following CHS (Cenex Harvest States) you are aware that they were going to be offering more preferred stock soon–and they have priced a new offering of 19 million shares.
This is a reset rate that is fixed at 6.75% until 2024 and then floating at 3 month libor plus 4.155%, but no more than 8%.
We will be studying the possible bloom coming off this rose — this has always been a great performer, but maybe the huge issuance (and more to come) will start to knock these values on CHS issues down a bit.
Details are here.
Thanks to Mark G for the quick ‘heads up’ on this issue.