Navios Maritime, Costamare preferreds eyed; trading of Old Second Capital paper active

By Christine Van Dusen

Atlanta, Jan. 21 - Greek corporate issuers garnered headlines on Tuesday as Navios Maritime Holdings Inc. moved forward with its offering of preferred stock and Costamare Inc. announced that its new issue would be listed on the New York Stock Exchange on Wednesday.

"Otherwise, there's not much happening today," a trader said on Tuesday. "It's pretty quiet."

For its new $50 million offering of series G cumulative redeemable perpetual preferred stock, Athens-based Navios Maritime set talk at 8.75%, he said.

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

Late in the session, Navios priced $50 million of the 8.75% preferreds at par.

Morgan Stanley, J.P. Morgan Securities and Credit Suisse Securities are the bookrunners for the deal, which was 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 NMPrG.

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

And Athens-based containership company Costamare announced that its 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.

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.

Old Second paper eyed

In trading on Tuesday morning, 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 Tuesday morning at $19.79, up 11 cents on volume totaling 141,399.

Later in the session the stock was seen at $19.81, up 13 cents on volume totaling 309,679.

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.

Later, the stock moved to $26.26, down 14 cents on volume totaling 257,095.

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