| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Review > Headlines for 2014 > News item |
Midday Commentary: Gladstone Capital prices, frees; BreitBurn to sell units; Entergy doing well
By Stephanie N. Rotondo
Phoenix, May 14 - Preferred stocks continued to tick higher into the midweek session, as the Wells Fargo Hybrid and Preferred Securities index inched up 4 basis points as of mid-morning.
More deals were entering the primary space. Gladstone Capital Corp. priced its previously announced deal, a $55 million offering of 6.75% series 2021 term preferred shares.
A trader said the issue had already freed to trade, seeing it at $24.70.
Janney Montgomery Scott LLC and Sterne, Agee & Leach, Inc. are joint bookrunning managers. J.J.B. Hilliard, W.L. Lyons, LLC, Wunderlich Securities Inc., Boenning & Scattergood Inc., Ladenburg Thalmann & Co. Inc. and Maxim Group LLC are co-managers.
Meanwhile, BreitBurn Energy Partners LP said it was selling series A cumulative redeemable perpetual preferred units. At least $75 million of the units are expected to be sold, and price talk is around 8.5%.
A trader said he had yet to see any gray markets for the securities, but he opined that "it sounds like it's going to be good," despite its small size.
Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC and MLV & Co. LLC are the joint bookrunners. Co-managers are Janney Montgomery Scott LLC, Barclays and Oppenheimer & Co.
The trader also noted that he was "pretty sure" Entergy Texas Inc.'s new $135 million issue of 5.625% $25-par first mortgage bonds due 2064 had freed up as well.
The issue priced Tuesday.
The trader quoted the notes at $25.20 bid, $25.35 offered.
Morgan Stanley, BofA Merrill Lynch and Wells Fargo were the joint bookrunning managers.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.