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Spark Energy’s 8.75% preferreds to list under new ticker on Wednesday
By Colin Hanner
Chicago, March 21 – Spark Energy Inc.’s 8.75% series A fixed-to-floating cumulative redeemable preferreds will list under a new ticker on Wednesday on the Nasdaq Global Select Market, a trader said.
The new ticker will be “SPKEP.”
The issue had been trading under the temporary ticker “SKYQP” on the OTC Bulletin Board.
The $35 million deal, upsized from $30 million, was priced March 8 and began trading a day later on March 9. It has an 8.75% dividend that will be fixed until April 15, 2022, at which point it will begin floating at Libor plus 657.8 basis points.
The issue becomes redeemable on or after April 15, 2022 at par plus accrued dividends. The issue is also redeemable upon a change of control.
RBC Capital Markets LLC and FBC Capital & Co. were the bookrunners.
Spark Energy is a Houston-based independent retail energy services company.
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