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Date Issued  10/31/2014Notes Issued  1,800,000   Overallotment Notes  270,000S&P Rating   NR   Moodys Rating   NRSecurity Ticker Symbol   SBNBMarket Traded ON   NYSEInterest Payment Paid on the 15th of January, April, July and October beginning on 1/15/2015Quarterly Interest   .469  Annual Interest   1.875Securities may be redeemed only at maturityInterest Payment Will NOT Be a Qualified Distribution.  Interest Payments are not qualified.Maturity Date 10/15/2017Company Investor…

Date Issued 5/6/2014    Notes Issued  2,000,000   Overallotment Notes  300,000S&P Rating   NR   Moodys Rating   NRSecurity Ticker Symbol   SBNAMarket Traded ON   NYSEInterest Payment Paid on the 15th of February, May, August, November beginning on 8/15/2014Quarterly Interest   .422  Annual Interest   1.6875Securities may be redeemed prior to maturity, at the issuers option on or after 05/15/2017 at par plus accrued…

Large travel center and convenience store operator TravelCenters of America LLC has sold a new baby bond issue.The new issue has a 8% coupon and began to trade yesterday (Friday) and is trading around $24.95. The issue matures in 2030. We expect that this issue will trade no higher than $25.20 in the next 30 days as TravelCenters of American…

  Date Issued   10/09/2015 Shares Issued  4,000,000  Overallotment Shares   600,000 S&P Rating  NR Security Ticker Symbol   TANNZ Market Traded ON   NASDAQ Interest Payment Paid on the 15th of January, April, July and October beginning on 01/15/2016 Quarterly Interest   .50   Annual Interest   2.00 Securities may be redeemed, at the issuers option, as early as 10/15/2018 for a redemption price of $25/share…

While we are not buying perpetual preferreds at this moment, if we were we would have to give the new issue sold by Targa Resources Partners (ticker:NGLS) a strong look.This issue is a fixed to floating rate issue with a 9% fixed yield until 2020 (note that this is a shorter fixed period than most fixed to floating rate issues--most…