Morning Commentary: KCAP Financial to tap 6.125% $25-par notes due 2022, notes slip in trading

By Cristal Cody

Tupelo, Miss., Sept. 18 – KCAP Financial Inc. signaled on Monday that it plans to tap its existing $57.5 million of 6.125% $25-par notes due Sept. 30, 2022.

The company initially issued the notes on Aug. 14 and Sept. 5.

The existing notes currently trade on the Nasdaq Global Select Market under the symbol “KCAPL”

Over the morning, the notes traded down 28 cents, or 1.11%, to $24.94.

In other action, Georgia Power Co. is in the high-grade primary market with an offering of $25-par 2017A junior subordinated fixed-rate notes due Oct. 1, 2077 to redeem portions of its outstanding preferred stock, according to a 424B5 filing with the Securities and Exchange Commission on Monday.

Proceeds from the deal will be used to repay all or a portion of the Atlanta-based electric utility company’s $45 million 6 1/8% series class A preferred stock at $25.00 per share and $225 million of its 6.5% series 2007A preference stock at par per share.

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