RE:RE:RE:RE:RE:Financial release a bit later than usual...Exactly. OMG, there's enough misinformation going around these days. We
don't need it here.
They are redeeming or retiring the 5 yr rate reset preferreds because it will SAVE
them money. Those rate resets get reset every time there is an increase in int
rates. The US is ready to raise rates anytime soon.
So the $300M goes to purchase what will become a very expensive preferred for ALA. It is not new debt, simply a financial rollover to substitue expensive debt
for cheaper debt. This is a very smart, saavy, no brainer move for ALA and I
applaud their move wholeheartedly.