Midday Commentary: Miller Energy prices add-on to 10.75% preferreds; Saratoga notes free up

By Stephanie N. Rotondo

Phoenix, May 7 - The primary preferred stock market was not seeing much in the way of new deals on Tuesday.

A trader said he wasn't even hearing plans for upcoming issues.

However, Miller Energy Resources Inc. did price a $12.5 million add-on to its 10.75% series C cumulative redeemable preferreds (NYSE: MILLPC). The "best-efforts" offering was first announced on Monday.

The additional preferreds were sold at $22.25 each, which was a slight discount to Monday's closing share price. As of Tuesday midday, the preferreds were down 31 cents, or 1.39%, at $22.05.

Meanwhile, Saratoga Investment Corp.'s $42 million of 7.5% $25-par fixed-rate notes due 2020 - a deal that priced Friday - finally freed to trade in early Tuesday trading.

A trader quoted the issue at $24.90 bid, $25.10 offered as of midday.

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