Orchid Island plans $25-par cumulative redeemable preferred stock

By James McCandless

San Antonio, Feb. 11 – Orchid Island Capital, Inc. plans to price an offering of $25-par series A cumulative redeemable preferreds stock at par, according to a 424B5 filing with the Securities and Exchange Commission.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and MUFG are the joint bookrunners.

Lead managers are JonesTrading Institutional Services LLC, National Securities Corp. and William Blair & Co.

Dividends are payable on March 30, June 30, Sept. 30 and Dec. 30, commencing on June 30, 2020.

The preferreds are redeemable after five years. Prior to that, the preferreds are redeemable within 120 days after a change of control at par.

Orchid Island plans to use the proceeds to invest in a targeted mix of agency residential mortgage-backed securities and for general corporate purposes.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “ORCPrA.”

Orchid Island is a Vero Beach, Fla.-based specialty finance company investing in residential mortgage-backed securities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.