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Preferred Stock Calendar
On The Horizon
DEL MONTE PACIFIC LTD.:
• $360 million cumulative perpetual preferred stock
• Non-voting, non-participating and non-convertible
• BDO Capital & Investment Corp. (issue manager), BPI Capital Corp., China Banking Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. (joint lead underwriters and bookrunners)
• Price per share a maximum of $10.00
• Proceeds will be used to refinance a $350 million bridge loan with BDO Unibank Inc.
• Philippines-based fruit company
EMERGENT CAPITAL INC.:
• $25 million of $25-par senior notes due Feb. 15, 2021
• Ladenburg Thalmann & Co. Inc. and Compass Point (joint)
• Payable quarterly
• Redeemable beginning Feb. 15, 2018 at 105% of par plus accrued interest; price slides to 103% in 2019 and 101% thereafter
• Proceeds will be used for general corporate purposes.
• Boca Raton, Fla.-based specialty finance company focused on life insurance settlements
MBC FUNDING II CORP.:
• $9.99 million of $25-par senior secured notes due 2026
• Redeemable beginning in 2019 or upon a change of control
• Aegis Capital Corp. (bookrunner)
• Principal to be repaid quarterly if mortgage loan portfolio and cash on hand equal less than 120% of outstanding notes
• Proceeds will be used to purchase a pool of mortgage loans from parent Manhattan Bridge Capital. Parent will then use funds to pay down debt.
• Great Neck, N.Y.-based real estate finance company
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