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Morning Commentary: Targa dips; Southern Co., TravelCenters admitted to NYSE; Goodrich rises
By Stephanie N. Rotondo
Phoenix, Oct. 9 – Preferred stocks were modestly higher going into early Friday trading.
The Wells Fargo Hybrid and Preferred Securities index was up 2 basis points at mid-morning.
Targa Resources Partners LP’s $110 million of 9% series A fixed-to-floating rate cumulative redeemable perpetual preferred units – an issue that priced late Wednesday, coming upsized from $75 million – were quoted at $24.55 bid, $24.65 offered, which was down some from the previous day’s close.
The deal freed to trade on Thursday. Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
Meanwhile, both the Southern Co.’s $1 billion of 6.25% $25-par series 2015A junior subordinated notes due 2075 and TravelCenters of America LLC’s $100 million of 8% $25-par senior notes due 2030 began trading on the New York Stock Exchange on Friday.
Southern’s ticker is “SOJA,” and TravelCenters is “TANP.”
Southern’s issue priced Oct. 1, with $875 million notes being sold. On Tuesday, it was reported that a $125 million greenshoe was exercised in full, lifting total issuance to $1 billion. TravelCenters came Sept. 30.
A trader quoted the Southern issue at $25.09 bid, $25.10 offered and TravelCenters at $24.90 bid, $24.94 offered.
Away from recent deals, Goodrich Petroleum Corp.’s preferreds were moving up as domestic crude oil prices hit $50 per barrel.
The commodity’s price gains came amid a weakening dollar and increasing tensions in Syria.
The 10% series C cumulative preferreds (NYSE: GDPPC) were up 30 cents, or 8.35%, at $3.90 in early trading. The 9.75% series D cumulative preferreds (NYSE: GDPPD) were up a nickel, or 4.75%, at $3.60.
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