Elroy,
I've seen notices sometimes given in 8-K filings.
You may not see it accompanied by a press release, so you'd only find out by checking the SEC website for CIM filings. In some cases, the company filed an 8-K and put out a press release, and in other cases just one or the other (an 8-K only or a press release only).
Based on CIM-Ds prospectus (below), they're only required to to give notice to holders of record. The press release and the 8-K are at their option, but they're not required to do them. Even if CIM doesn't put out a press release or file an 8-K, you will still find out from your broker.
From the 424B5 prospectus, p. S-22:
Redemption Procedures. In the event we elect to redeem Series D Preferred Stock pursuant to our optional redemption right or our special optional redemption right, the notice of redemption will be given to each holder of record of Series D Preferred Stock called for redemption at such holder’s address as it appears on our stock records and will state the following ...
CIM-B has a higher spread (5.791%) than CIM-D (5.379%), so CIM-B pays out the higher dividend. I figure if/when they redeem any of their preferreds, they'd redeem CIM-B first. Just a guess - there can be other factors in play that might make them take out -D first or both of them at the same time. |
