LSE priced a secondary yesterday, $20,000,000 worth of its 7.25% series C preferred at $24.57 for a yield to call of 7.375%. Here's what I don't get - the series C pfds were trading in the market yesterday at around $26.30 which is where they still are. That works out to a discount to market of approx 7%. Is LSE mgmt so clueless and wall street so manipulative that they were able to convince LSE mgmt that in todays yield starved world that the company had to issue pfd shares at a discount of approc $1.75 to where they were trading in the market?I know volume on this issue is low but those shares would have been sucked up even in with a $25 handle.
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