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Security Details
- Coupon Rate
- 12.00%
- Liquidation Preference
- $10.00
- Call Price
- —
- Call / Redemption Date
- —
- Maturity Date
- 11/21/2009
- Distribution Period
- S
- Rate Type
- Fixed
- Annual Distribution
- 1.20
- Distribution Dates
- 6/1 & 12/1
- Credit Ratings
- Moody's NF · S&P NF (11/19/2020)
- Tax-Advantaged Dividends
- Yes
Security Profile
Security's distribution is suspended.
- CUSIP
- 87969B200
- Market Cap
- Micro Cap · $7 Million
- IPO
- 11/21/1989
- Parent Company
- Telos Corp. (TLS)
Business: Telos Corp., 12% Cumulative Exchangeable Mandatorily Redeemable Preferred Stock, liquidation preference $10.00 per share. The company must redeem 20% of the preferred stock in each of the 16th, 17th, 18th and 19th years from the date of issue. On any dividend payment date after 11/21/1991 the company may exchange the preferred shares for 12% Junior Subordinated Debentures of the company. The preferred stock accrues a semi-annual dividend at a 12% annual rate payable on 6/1 & 12/1. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders.
Notes: Nov. 19, 2020 -- Telos® Corporation (“Telos”), a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, announced today the upsizing and pricing of its previously announced initial public offering of 14,968,859 shares of common stock at a price of $17.00 per share (the “Offering”). The shares will be listed on the Nasdaq Global Market under the ticker symbol “TLS” beginning on November 19, 2020. The Offering is expected to close November 23, 2020.
Telos intends to use the net proceeds of the Offering for general corporate purposes, to repurchase a non-controlling interest in Telos Identity Management Solutions LLC, retire all outstanding 12% Cumulative Exchangeable Redeemable Preferred Stock, and repay its outstanding senior term loan and subordinated debt. <p> The company has not declared or paid dividends on the preferred stock since 1991.
Company Contact
- CEO
- John B. Wood
- CFO
- Mark Bendza
- Headquarters
- 19886 Ashburn Road, Ashburn, VA 20147
- Phone
- 703-724-3800
- Investor Relations
- Brinlea Johnson, The Blueshirt Group · brinlea@blueshirtgroup.com