EFTA02621396

From: Paul Barrett < Sent: Friday, September 28, 2018 3:01 PM To: Cc: Richard Kahn Subject: Bond Switch Jeffrey Sell: We own $2.469mm GE 4% fixed-to-float perpetual prefe=reds at $88.09. Purchased in 2015. They are callable in 2022 with a very l=w 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.=o:p> I do not want to own bonds with such a low back-end =loating rate spread. Switch into $1.00MM into: Great Lakes Dredge 8% 2022 bonds • Price 5103.375 • Yield 6.57% • =.2yr duration • Net Leverage 4.1x. Targeting sub 4x in =019. • Deutsche is overweight the credit with a buy rat=ng on these bonds. Spoke to the research analyst who has this as one of hi= top picks. I will find another bond for the balance of the GE p=oceeds. Paul EFTA_R1_01828313 EFTA02621396 Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor =New York, NY 1O019 646-876-5277 (o) (c) <=p> mailto > 2 EFTA_R1_01828314 EFTA02621397