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CAI International Inc | 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock (CAI.PRA)
Prospectus excerpt: We are offering 1,600,000 shares of our 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $25.00 per share (the ÙSeries A Preferred Stockˆ). Dividends on the Series A Preferred Stock accrue daily and will be cumulative from, and including, the date of original issue and shall be payable quarterly on the 15th day of each April, July, October and January; provided that if any Dividend Payment Date (as defined herein) is not a Business Day (as defined herein), then the dividend which would otherwise have been payable on that Dividend Payment Date may be paid on the next succeeding Business Day, and no interest, additional dividends or other sums will accrue on the amount so payable for the period from and after that Dividend Payment Date to that next succeeding Business Day. The first dividend on the Series A Preferred Stock is scheduled to be paid on July 15, 2018 in the amount of $0.62569 per share to the persons who are the holders of record of the Series A Preferred Stock at the close of business on July 1, 2018. The Fixed Dividend Rate (as defined herein) shall accrue from, and including, the date of original issuance to, but not including, April 15, 2023. On and after April 15, 2023, dividends on the Series A Preferred Stock shall accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (as defined herein) as calculated on each applicable Date of Determination (as defined herein) and (b) 5.82% of the $25.00 liquidation preference per share of Series A Preferred Stock. Full Prospectus PDF », Secondary Prospectus PDF », CAI Page »
Series: | A | Alternate symbology: | CAI-A, CAI-PA, CAIprA | Redeemable?: | Yes | Call Date: | 4/15/2023 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 1,600,000 | Overallotment: | 240,000 | Liquidation Preference: | $25.00 | Original Coupon: | 8.50% | Pay Period: | Quarterly | Pay Dates: | 15-Jan, 15-Apr, 15-Jul, 15-Oct | CDx3 Compliance Rating: |
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CAI International is a transportation finance company. Co. leases equipment, primarily intermodal shipping containers, to its customers. Co. also manages equipment for third-party investors. In operating its fleet, Co. leases, re-leases and disposes of equipment and contract for the repair, repositioning and storage of equipment. Co. operates in the worldwide intermodal freight container leasing industry. Intermodal freight containers, or containers, are larger, standardized steel boxes used to transport cargo by a number of means, including ship, truck and rail. Container shipping lines use containers as the primary means for packaging and transporting freight internationally. Preferreds: CAI.PRA, CAI.PRB Open the CAI Information Page »
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