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Published on 6/25/2014 in the Prospect News Investment Grade Daily.

AmTrust prices noncumulative preferreds; National General climbing up; Legacy units list

By Stephanie N. Rotondo

Phoenix, June 25 – The preferred stock market remained firm in midweek trading, according to the Wells Fargo Hybrid and Preferred Securities index.

The index closed up 10 basis points.

“The market was pretty much up all day,” a market source said. However, he noted that it came down from its highs in the last few minutes of trading.

In the primary, AmTrust Financial Services Inc. priced $100 million of 7.25% series B noncumulative perpetual preferreds.

The company initially announced plans to sell at least $75 million of the preferreds, which were talked at 7.25% to 7.375%.

A trader said the paper was trading around $24.62 in the early gray market.

The trader said he wasn’t all that surprised another insurance company came to market, even as National General Holdings Corp. failed to price the maximum amount of its 7.5% series A noncumulative preferreds last week.

National General had initially planned to sell $100 million of the preferreds but actually came with just $55 million.

The National General issue has been steadily climbing higher this week. In early Wednesday trading, a trader pegged the issue at $24.90.

Meanwhile, Legacy Reserves LP’s $175 million of 8% series B fixed-to-floating rate cumulative redeemable preferred units began trading on the Nasdaq on Wednesday.

The ticker symbol is “LGCYO.” The deal came June 10.

Paper was trading at $24.93 at midday versus an opening level of $24.95. The issue closed at $24.88.


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