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Midday Commentary: Annaly Capital's new issue frees to trade; Magnum Hunter brings add-on offering
By Stephanie N. Rotondo
Phoenix, Sept. 7 - A trader said that while "a lot of things are up" at midday in the preferred market, it was a generally muted Friday.
"With the unemployment numbers, everybody's thinking there will be a third round of [quantitative easing]," he said.
Annaly Capital Management Inc.'s $400 million offering of 7.5% series D cumulative redeemable perpetual preferreds freed from the syndicate, according to a trader. The deal priced Thursday.
The trader saw the issue trading at $24.97 as of midafternoon Friday.
The New York-based company will apply to list the new series of preferreds on the New York Stock Exchange under the ticker symbol "NLYPD."
Morgan Stanley & Co. LLC, Bank of America Merrill Lynch, UBS Securities LLC, J.P. Morgan Securities LLC and RBC Capital Markets LLC are the joint bookrunning managers.
Proceeds will be used to purchase mortgage-backed securities and for general corporate purposes.
Also, Magnum Hunter Resources Corp. priced its "best-efforts" add-on offering of 8% series D cumulative perpetual preferreds early Friday.
The $50-par preferreds were priced at $44 per share. The company sold $52.5 million of the preferreds in the reopening.
When the Houston-based oil and gas exploration company first announced the deal Thursday, the existing preferreds declined in response. That trend continued Friday as they (NYSE: MHRPD) dropped 11 cents to $43.99.
Barclays, MLV & Co. Inc. and Wunderlich Securities Inc. are the joint bookrunning managers.
Any proceeds will be used for capital expenditures, working capital, acquisitions, the repayment or refinancing of debt, possible stock repurchases, investments in subsidiaries, a redemption of equity interests and/or general corporate purposes.
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