Aug. 16 at 5:20 PM
$GMLPF, the preferred stock of
$NFE subsidiary GMLP, closed down on Friday -93%..
For those who don't know the back story here - NFE bought GMLP in '21, then fully asset stripped it over the past few years. Last year NFE provided GMLP with an "irrevocable letter of financial support". The market now seems to believe that support is worth jack squat, given NFE's financial distress.
A
$25/share par preferred with
$138 million in face value outstanding, GMLPF was owned almost entirely by retail investors for its 8.75% dividend income stream.
It traded at
$10/share earlier this year when NFE last issued a dividend for it. Now it's 3 cents/share. Brutal...
https://ir.newfortressenergy.com/gmlp