From: J <[email protected]> To: Paul Barrett < , Rich Kahn Subject: Re: Bond Switch Date: Fri, 28 Sep 2018 15:05:15 +0000 Inline-Images: image002.jpg Ok sell On Fri, Sep 28, 2018 at 11:01 AM Paul Barrett < Jeffrey Sell: wrote: We own $2.469mm GE 4% fixed-to-float perpetual preferreds at $88.09. Purchased in 2015. They are callable in 2022 with a very low back-end spread of L+228bps if not called. No way these get called. • Cost $88.09 • Bid around $91.00 • --$65K mtm gain on the price. $278K total interest earned since purchase. I do not want to own bonds with such a low back-end floating rate spread. Switch into $1.00MM into: Great Lakes Dredge 8% 2022 bonds • Price $103.375 • Yield 6.57% • 2.2yr duration • Net Leverage 4.1x. Targeting sub 4x in 2019. • Deutsche is overweight the credit with a buy rating on these bonds. Spoke to the research analyst who has this as one of his top picks. I will find another bond for the balance of the GE proceeds. Paul Paul Barrett EFTA01021615