Proceeds of the issue will be utilized for general corporate purposes including the repayment of existing
floating-rate preferred shares and debt.
DCR) has assigned a rating of 'A' (Single-A) to the $250 million
floating-rate preferred securities of Chase Capital VI, a wholly owned subsidiary of The Chase Manhattan Corporation (CMB).
Municipal CEFs have also shown a preference for issuing
floating-rate preferred shares, which comprised 87% of the total.
Mengedoth said the fourth quarter dividend on the company's privately placed 56,000 shares of
floating-rate preferred stock is $147,350.
E[acute accent]--
Floating-rate preferred stock, series A 'A-';
In addition to providing current income, the dividends paid by the fund's
floating-rate preferred securities may provide a hedge against rising short-term interest rates.
The net proceeds will be utilized for general corporate purposes including the repayment of existing
floating-rate preferred shares and debt.
0 million, or 500 shares, of Richmond County Capital Corporation Series C Non-Cumulative Exchangeable
Floating-Rate Preferred Stock, stated value $100,000 per share (the "Series C Preferred Stock").
