Triangle Capital Calls a Note – Pondering Some ‘Harvesting’

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Triangle Capital (ticker:TCAP) has called their 7% notes (ticker:TCC) for 6/22/2015.  These notes had a maturity date of 3/15/2019.  Unfortunately we have these in the 2015 Blended Income Portfolio as well as in our personal accounts.  The positive spin for us is that while we lose a issue we wanted to hold to maturity we generate some cash which was our plan anyway (cash position now almost 13%–and we are looking toward 20%).  There is no loss on the TCC which we held as we paid $25.37 for them and will receive around $25.45 for them ($25 plus accrued interest to 6/22/2015).   We continue to hold the 6.375% issue (ticker:TCCB).

We are now looking at ‘harvesting’ some profits as we have some super gains on a number of issues.  Star Bulk Carriers Notes (ticker:SBLK) which were bought when it went on sale at $19.30 now trades at $22.79.  On the other hand it has a current yield of 8.78%.  One of our Canadian issues–Premium Brands Holdings(ticker:PRBZF) has a 20% gain and we think this one will be sold tomorrow–nothing grows to the sky.  One of our MLP’s, Alliance Bernstein(ticker:AB), a money manager, also has a 20% gain.  This is a variable rate MLP and is a darling of ours–we’ll see.

We continue to study a potential equity market ‘short’.  After the 6% fall in the Chinese market last night one must wonder when it will be our turn–soon I think.


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Tim McPartland

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Tim McPartland
Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
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