Gabelli Multimedia’s new deal lists on NYSE; Spirit Realty hits par again; GSEs active

By Stephanie N. Rotondo

Seattle, Sept. 29 – As the final week of the month – and the third quarter – wound down, the preferred stock market was attempting to close with a firm tone.

However, the day’s gains were slight, at best.

The Wells Fargo Hybrid and Preferred Securities index was up 2 basis points. The U.S. iShares Preferred Stock ETF was up 3 bps.

The New York Stock Exchange got a new addition, as the Gabelli Multimedia Trust Inc.’s $50 million of 5.125% series E cumulative preferred shares listed under the ticker symbol is “GGTPrE.”

Paper was trading at $25.09 at the close, up 14 cents.

The deal priced on Sept. 21.

BofA Merrill Lynch and UBS Securities LLC were the joint bookrunners.

From the week’s new issues, Hoegh LNG Partners LP’s $100 million offering of 8.75% series A cumulative redeemable preferred units freed to trade around midday.

The temporary trading symbol is “HGLPF.”

The units were quite busy, with about 1.49 million changing hands.

The issue closed at $25.01, up 29 cents, or 1.17%.

The deal priced on Thursday at the tight end of the 8.75% to 8.875% price talk. The size of the deal was increased from an expected $50 million.

Morgan Stanley & Co. LLC, UBS Securities LLC and Stifel Nicolaus & Co. Inc. were the joint bookrunners.

Meanwhile, Spirit Realty Capital Inc.’s $150 million of 6% series A cumulative redeemable preferreds – a deal priced Tuesday – were looking to regain ground, rising 4 cents to par.

The issue had hit par in midweek trading but then declined on Thursday.

The issue’s temporary ticker is “SPRYP.”

The deal came in line with price talk. The sale marks the company’s first entry into the world of preferred stock.

Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities LLC ran the books.

More moves in Fannie, Freddie

Fannie Mae and Freddie Mac preferreds continued to see active trading on Friday, despite any real news to act as a catalyst.

What was notable, however, was that issues that don’t trade that often were actually topping the charts.

Fannie’s variable rate series P noncumulative preferreds (OTCBB: FNMAH) were the most actively traded securities of the day, with about 1.89 million of the preferreds being exchanged.

The issue closed unchanged at $5.50.

Also unchanged were Fannie’s variable rate series O noncumulative preferreds (OTCBB: FNMFN), which finished at $10.90.

About 1 million of those preferreds were traded.

As for the usual go-go GSE issues, Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) rose 7 cents, or 1.01%, to $6.97, while Freddie’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) added a dime, or 1.49%, to close at $6.83.

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