Morning Commentary: New Mountain prices $25-par notes; JPMorgan rises; Chimera lower

By James McCandless

San Antonio, Sept. 21 – New Mountain Finance Corp. priced $50 million of $25-par notes due Oct. 1, 2023 (BBB+) at par with a coupon of 5.75%.

The deal was announced Thursday morning and priced the same day.

There is a $7.5 million greenshoe.

Keefe, Bruyette & Woods, Inc. is the bookrunner.

Janney Montgomery Scott LLC, BB&T Capital Markets, William Blair & Co., LLC, Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are the lead managers.

The notes are redeemable on or after Oct. 1, 2020 at par.

In secondary activity, JPMorgan Chase & Co.’s new $1,475,000,000 issue of $25-par 5.75% series DD non-cumulative preferred stock moved higher.

The preferreds, trading under the temporary symbol “JPMLL,” were up 3 cents to $25.02 on volume of about 410,000 shares.

Chimera Investment Corp.’s new $250 million of 7.75% series C fixed-to-floating rate cumulative redeemable preferred stock declined in early trading.

The preferreds, trading under the temporary symbol “CIMPP,” were down 2 cents to $24.93 with about 42,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.03% in early trading after a 0.10% decline on Thursday.

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