B. Riley to reopen securities; preferred stocks mixed; AT&T softens; Kimco weakens

By Cristal Cody

Tupelo, Miss., Dec. 19 – B. Riley Financial, Inc. announced plans on Tuesday to price up to $19 million in at-the-market reopenings of its 7.25% notes due Dec. 31, 2027, 7.5% notes due May 31, 2027 and 7.5% notes due Oct. 31, 2021.

Otherwise, market activity was mostly quiet with attention focused on the House and Senate votes on U.S. tax law changes.

Preferred stocks ended the session mixed.

The Wells Fargo Hybrid and Preferred Securities index closed up 3 basis points.

The U.S. iShares Preferred Stock ETF fell 8 bps.

AT&T Inc.’s 5.35% global notes due Nov. 1, 2066 (NYSE: TBB) softened a dime, or 0.38%, to head out at $26.30 on Tuesday.

The Dallas-based telecommunications company sold $1.15 billion of the $25-par notes on Oct. 25.

AT&T was expected to close on its $85.4 billion cash and stock acquisition of Time Warner Inc. at the end of the year. The Justice Department has filed a federal lawsuit to block the deal, and a trial date is set for March 19, 2018.

In other trading, Kimco Realty Corp.’s 5.25% class M cumulative redeemable preferred shares (Baa2/BBB-/BBB-) that priced on Dec. 11 fell 12 cents, or 0.49%, to $24.62 in the over-the-counter market under the temporary symbol “KMCCP.”

The shares are expected to start trading on the New York Stock Exchange within 30 days of issuance under the permanent ticker symbol “KIMPrM.”

Kimco, a New Hyde Park, N.Y.-based real estate investment trust, priced $230 million of the $25-par class M cumulative redeemable preferred shares.

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