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| The Yield Hunter Let's Make some money and sleep well at night In our 7th Year |
| International Shipholding International Corp Floats 9.5% Preferred February 22, 2013 3:30 pm International Shipholding International floated a $100/share issue with a coupon of 9.5%---the shares have been trading on the OTC, but will trade on the NYSE starting Monday. The ticker will be ISH-A. VOLUMES WILL BE VERY LOW--STRICT LIMITS MUST BE USED. Last trade was 99.75 with 400 shares of volume. Terms are normal terms--redeemable in 5 years and cumulative. We had removed $100 issues from our listing, but will add some back in on a select basis. We have looked at this issue and we this for those interested in a higher risk/reward they are suitable---but only in small qualtities--there is so little liquidity you can be trapped in these with no available buyers when you want to sell. ISH operates above breakeven--but depends more on cash flow from depreciation for their cash needs. Of course with a stronger economy ISH like all Ocean Shippers would do much better. We may add a tiny quantity to the model portfolio and our personal holdings. Details are here. MVC Capital (a BDC) Announces 7.25% Senior Notes February 20, 2013 8:30 am MVC Capital has announced a new issue of Senior Notes with a coupon of 7.25%. MVC is a Business Development Company. It should be noted that these notes have a initial callable date that is just 3 years (2016) instead of a more normal 5 years. The new ticker will be MVCB---it is doubtful these will trade on the OTC prior to NYSE listing. We consider this issue to be of mid level quality----and we plan to put it on our buy list for the Model. It will trade within 30 days. Details are here. |
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