Targa trades; Southern Co., TravelCenters admitted to NYSE; Goodrich loses early gains

By Stephanie N. Rotondo

Phoenix, Oct. 9 – Preferred stocks were modestly higher in Friday trading, according to a market source.

“On an index basis, the market was up all day, but not by much,” the source said, adding that the Wells Fargo Hybrid and Preferred Securities index traded up 2 basis points to 4 bps throughout the day.

The index ultimately closed up 2 bps.

Targa Resources Partners LP’s $110 million of 9% series A fixed-to-floating rate cumulative redeemable perpetual preferred units – an issue that priced late Wednesday, coming upsized from $75 million – moved up by the bell, closing at $24.75, according to a source.

Meanwhile, both the Southern Co.’s $1 billion of 6.25% $25-par series 2015A junior subordinated notes due 2075 and TravelCenters of America LLC’s $100 million of 8% $25-par senior notes due 2030 began trading on the New York Stock Exchange on Friday.

Southern’s ticker is “SOJA,” and TravelCenters is “TANP.”

At the bell, the Southern notes were seen closing at $25.29, with a volume weighted average price of $25.14. As for TravelCenters, it ended at $24.93.

Away from recent deals, Goodrich Petroleum Corp.’s preferreds were initially moving up as domestic crude oil prices hit $50 per barrel.

The 10% series C cumulative preferreds (NYSE: GDPPC) finished at $3.53, which was off 7 cents, or 1.94%.

The 9.75% series D cumulative preferreds (NYSE: GDPPD) closed down 17 cents, or 4.79%, at $3.38.

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