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Morning Commentary: Wells Fargo offers $25-par noncumulative preferreds; TICC lists on Nasdaq
By Stephanie N. Rotondo
Seattle, April 17 – The post-Easter trading week got started by throwing a new preferred stock deal into the mix, a market source reported on Monday.
As was expected, one of the banks that reported earnings on Thursday was the first to enter the market, as Wells Fargo & Co. announced an offering of $25-par series Y class A noncumulative perpetual preferred stock.
A trader saw the paper quoted at $24.88 bid, $24.92 offered in the early gray market.
Price talk is 5.875%, according to a source.
Wells Fargo Securities LLC is the bookrunner.
The San Francisco-based bank plans to use the proceeds for general corporate purposes, including investments in or advances to subsidiaries, debt repayments and reducing outstanding commercial paper and other debts.
On the heels of the new issue announcement, Wells Fargo’s existing paper was waning.
The 5.5% series X class A noncumulative preferreds (NYSE: WFCPrX) were off 7 cents at mid-morning, trading at $24.88. The 5.7% series W class A noncumulative preferreds (NYSE: WFCPrW) were down 20 cents at $25.31.
Meanwhile, TICC Capital Corp.’s $64.37 million of 6.5% $25-par notes due 2024 listed on the Nasdaq Global Select Market under the ticker symbol “TICCL.”
The notes were seen at $25.10 in early dealings, which compared to opening levels at par.
The company initially sold $57.5 million of the notes on April 4, with the deal coming upsized from $50 million. On April 12, TICC said that $6.87 million of its $8,625,000 greenshoe had been exercised, bringing the total amount outstanding to $64.37 million.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Compass Point and William Blair & Co. were the joint bookrunners. Maxim Group LLC and National Securities Corp. were the lead managers.
TICC is a Greenwich, Conn.-based business development company.
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