Midday Commentary: Navios Maritime gives guidance; Old Second, Goldman Sachs see action

By Christine Van Dusen

Atlanta, Jan. 21 - During an otherwise mostly quiet Tuesday session for the preferred stock market, Greece's Navios Maritime Holdings Inc. set talk at 8.75% for its $50 million offering of series G cumulative redeemable perpetual preferred stock, a trader said.

The notes have a liquidation preference of $2,500 per share, equivalent to $25.00 per American Depositary Share.

Morgan Stanley, J.P. Morgan Securities and Credit Suisse Securities are the bookrunners for the deal, which will be made under an effective shelf registration statement, according to a company press release.

S. Goldman Capital is the co-manager.

The shares have been approved for listing on the New York Stock Exchange under the symbol "NMPrG."

The proceeds will be used for general corporate purposes, including acquisition of vessels.

Navios Maritime is a seaborne shipping and logistics company based in Athens.

Costamare gets listing

Also on Tuesday, it was announced that Costamare Inc.'s new issue of $100 million of 8.5% series C cumulative redeemable perpetual preferreds that priced at par of $25.00 will be listed on the New York Stock Exchange on Jan. 22, a market source said.

The notes will trade under the ticker "CMRE."

There is a $15 million greenshoe.

Morgan Stanley & Co. LLC, UBS Securities LLC and Credit Suisse Securities (USA) LLC were the joint bookrunners for the non-rated deal.

Proceeds will be used for general partnership purposes, which may include vessel acquisitions or company investments.

The company is an Athens-based containership company.

Old Second stock active

In trading on Tuesday, Old Second Capital Trust I's 7.8% cumulative trust preferred securities were among the most active. The shares were quoted at $12.50, up 50 cents on volume totaling 426,201.

Goldman Sachs Group Inc.'s floating rate non-cumulative preferred stock series D was quoted at $19.79, up 11 cents on volume totaling 141,399.

And Deutsche Bank Contingent Capital Trust III's 7.6% trust preferred securities traded at $26.38 on Tuesday morning, down 2 cents on volume totaling 119,013.

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