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So this is what happens when I stay up all night. I was conducting a random scan for pfd shares. I discovered that Heinz has a pfd share available on the NYSE. I double checked with their website and in fact they do. Annual coupon payment is $1.70 payed out on a quarterly basis.

According to their website symbol is HNZ PR

I then go to see its trading history. I see in the last four months its basically traded in the $800 range. Most recently $811. Mind you its very thinly traded. We are talking like 4 days since May.

I go googling (that sounds kind of funny) for more info and find from a couple other sources, that the liquidation call price is $28.50 and can be called at anytime. And that each HNZ PR share is convertible at any point in time for 13 1/2 shares of common stock for the HNZ PR holder. By the way the common stock trades around $52 presently.

Can someone break down the math here. Has a conversion of sorts taken place. Based on a 1.70% coupon and a face value of $28.50, thats a yiel of 5.9%. If you take 13 1/2 shares on the conversion, the break even would be around $702 based on where the common stock is trading.

Question is why is the HNZ PR trading at an $800 price point or at some multiple of liquidation price times converted common shares or is my info simply wrong on the face value/liquidation price pre-conversion. Also trying to determine the risk if these can be called at any point in time from Heinz. Thanks for any input or insight.
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