MTBC on tap; AT&T preferreds higher; NGL Energy gains

By James McCandless

San Antonio, July 16 – The preferred market started on weaker footing Thursday morning with the Wells Fargo Hybrid & Preferred Securities Financial index opening down by 0.07% while top traders moved up.

In the primary space, MTBC, Inc. announced its plans to price an additional $20 million more of its series A cumulative redeemable perpetual preferred stock at $25.00 per share with a dividend of 11%

There is a $3 million greenshoe.

B. Riley FBR, Inc., Ladenburg Thalmann & Co. Inc. and National Securities Corp. are the bookrunners.

The preferreds are redeemable on or after Nov. 4, 2020 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control.

Elsewhere, leading secondary trading, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock was pushing higher.

Oil and gas name NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units were also following the positive trend.

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