auction-rate preferred stock

auction-rate preferred stock

A type of floating-rate preferred stock for which dividend payments are determined at periodic auctions conducted by the issuer rather than by short-term interest rates. Compare remarketed preferred stock.
References in periodicals archive ?
March 19 /PRNewswire-FirstCall/ -- Calamos Advisors LLC, a global asset manager, today announced that it is seeking to refinance the leverage on the five Calamos closed-end funds that have issued auction-rate preferred stock (ARPS).
Internal Revenue Service revenue ruling 90-27 resolves the questions of whether auction-rate preferred stock is debt or equity and whether a corporate holder of the stock is entitled to a dividends-received deduction.
Global book-entry has already been used by a variety of issuers for their auction-rate preferred stock and notes.
30, 2012, common equity securities constituted 80% of the portfolio, auction-rate preferred stock issued by other closed-end funds comprised 5% of the portfolio across two securities, a limited partnership investment in one long-short equity fund represented approximately 11% of the portfolio.
RNB will use the proceeds to replace approximately $50 million of auction-rate preferred stock with the balance available for general corporate purposes.
30, 2012, common equity securities constituted 85% of the portfolio, auction-rate preferred stock issued by other closed-end funds comprised 3% of the portfolio across two distinct securities, master limited partnership interests in one energy company represented 3%, and a limited partnership investment in one long-short equity fund represented 3% of the portfolio.
20, 1993, the company announced that it would redeem its remaining two series of auction-rate preferred stock (liquidation values of $74.
After the redemptions, no auction-rate preferred stock will remain outstanding.
30, 2011, common equity securities constituted 79% of the portfolio, auction-rate preferred stock issued by other closed-end funds comprised 3% of the portfolio across two distinct securities, master limited partnership interests in various energy companies and one financial institution represented 6%, and a limited partnership investment in one long-short equity fund represented 3% of the portfolio.
The company will redeem an additional $75 million of its auction-rate preferred stock on December 1.
30, 2011, common equity securities constituted 66% of the portfolio, auction-rate preferred stock issued by other closed-end funds comprised 10% of the portfolio across five distinct securities, master limited partnership interests in one energy company and one financial institution represented 3%, and a limited partnership investment in one long-short equity fund represented nearly 10% of the portfolio.
Also, the company redeemed $71 million of its auction-rate preferred stock on March 3, 1992.