Energy Transfer’s new preferreds up with preferred market; Two Harbors off on takeover

By James McCandless

San Antonio, April 26 – Traders reported a lighter day in the preferred market with stocks largely higher as earnings statements are posted throughout the week.

Energy Transfer Partners, LP’s new preferred units traded up and led the market in volume.

Two Harbors Investment Corp.’s preferreds were slightly off after announcing the acquisition of CYS Investments, Inc.

AT&T, Inc.’s preferreds were down on the back of disappointing results in the company’s first quarter. The preferreds closed down 3 cents to $24.51.

Energy Transfer’s recently priced $450 million of series C fixed-to-floating rate cumulative redeemable perpetual preferred units, with about 535,000 shares trading, led the preferred market in volume.

The deal was priced after market close last Wednesday with at 7.375% dividend.

The preferreds rose 10 cents to $24.70.

Two Harbors Investment’s 7.625% series B fixed-to-floating rate cumulative redeemable preferred stock ended the day slightly down as the company announced the acquisition of CYS Investments for $15 million in cash and an opportunity for CYS shareholders to exchange their common stock for Two Harbors common stock (see related story elsewhere in this issue).

The preferreds saw about 348,000 shares exchanged, rocketing past its average volume of about 38,000 shares.

The preferreds were down 2 cents to $24.82.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.