QUANTUMONLINE.COM SECURITY DESCRIPTION: Steel Partners Holdings L.P., 6.00% Series A Cumulative Preferred Units, liquidation preference $25 per unit, redeemable at the issuer's option at anytime at $25 per unit plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.00% per annum ($1.50 per annum or $0.3750 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is at least one business days prior to the record date).
Holders of the Preferred Units will receive specific tax information from the company, including a Schedule K-1 which generally would be expected to provide a single income item equal to the preferred return (see page 29 of the prospectus for details).
Holders of the preferred units will have the right to require the issuer to repurchase up to 525,000 preferred units (optional redemption amount) on the third (3rd) anniversary of the original issuance date of units (the optional redemption date) at a redemption price of $25.00 per unit plus accumulated and unpaid distributions in cash (see prospectus for further information. If not earlier redeemed, on the date that is the ninth (9th) anniversary of the original issuance date of the units, the issuer shall redeem all of the units at a redemption price equal to $25.00 per unit plus an amount equal to accumulated and unpaid distributions (see prospectus for further details).
This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
