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Steel Partners’ additional 6% preferred units list on NYSE
New York, Oct. 16 – Steel Partners Holdings LP’s new 6% series A preferred units began trading on the New York Stock Exchange on Monday, according to a notice from the exchange.
The additional series A preferreds will trade under the temporary ticker symbol “SPLPPrT” through Dec. 31.
Use of a temporary symbol reflects that the holders of these preferreds will receive only part of the scheduled Dec. 15 distribution and will also simplify tax reporting, according to an announcement from the company.
After Dec. 31, the new preferreds will be consolidated with the existing series A preferreds and trade under the existing ticker symbol “SPLPPrA.”
Steel Partners issued the new series A preferreds in exchange for shares of Handy & Harman Ltd. at the rate of 1.484 preferred units per share.
The company had been offering the preferreds for the shares of Handy & Harman that it did not already own.
By the expiration of the exchange at 12 a.m. ET on Oct. 12, holders had tendered 2,352,456 shares, or 89.5%, of Handy & Harman’s shares, including those owned by Steel Partners. The response included 58.6% of the shares owned by other holders.
Following the end of the exchange, Steel Partners acquired the remainder of Handy & Harman’s shares at the same exchange ratio under section 251(h) of Delaware’s General Corporation Law.
The preferred units have a liquidation preference of $25.00 per unit and pay a 6% cumulative distribution in cash or kind, at Steel Partners’ option.
They mature on Feb. 7, 2026 and are callable at par at any time.
Holders can put 20% of the outstanding preferreds on Feb. 7, 2020 but the amount that is putable will be reduced by any earlier redemptions by Steel Partners.
Steel Partners is a New York-based holding company. Handy & Harman is a manufacturer of engineered niche industrial products.
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