Arch Capital prices deal; Gladstone, AmTrust perform well; Aspen lists; Southern active

By Stephanie N. Rotondo

Seattle, Sept. 22 – The preferred stock new issue pipeline started to flow again on Thursday, just one day after the Federal Reserve opted to hold interest rates steady.

Arch Capital Holdings Ltd. brought a $450 million offering of 5.25% series E noncumulative preferreds via BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and RBC Capital Markets.

The deal came upsized from $250 million and at the tight end of the 5.25% to 5.375% price talk.

AmTrust Financial Services Inc.’s 6.95% series F noncumulative preferreds – a deal priced Tuesday – ticked up 14 cents to $25.09.

A market source reported that the company’s $37.5 million greenshoe was fully exercised on Thursday, lifting the total amount outstanding to $287.5 million.

Gladstone Investment Corp.’s $50 million of 6.25% series D cumulative term preferred stock – a deal from Monday – was also faring better, adding 22 cents to close at $25.19.

In new listings, Aspen Insurance Holdings Ltd.’s $225 million of 5.625% perpetual noncumulative preference shares hit the New York Stock Exchange, trading under the ticker symbol “AHLPD.”

Meanwhile, Southern Co.’s $800 million of 5.25% $25-par series 2016A junior subordinated notes due 2076 – a deal priced Sept. 12 and listed on Monday under the ticker of “SOJB.”

The notes were unchanged at $25.08, though that was down from $25.11 at the open.

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