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Morning Commentary: Goodrich rises as oil rebounds; TravelCenters launches; U.S. Cellular lists
By Stephanie N. Rotondo
Phoenix, Dec. 9 – Preferred stocks were weaker in early Tuesday trading, but despite that, there was “a rebound in oil and natural gas names,” according to a trader.
The Wells Fargo Hybrid and Preferred Securities index was down 10 basis points.
In the oil and gas realm, Goodrich Petroleum Corp.’s 10% series C cumulative preferreds (NYSE: GDPPC) were trading up 92 cents, or 13.98%, to $7.50. The 9.75% series D cumulative preferreds (NYSE: GDPPD) were improving 91 cents, or 14.33%, to $7.26.
In newer deals, a trader said that TravelCenters of America LLC’s offering of $25-par senior notes due 2029 was “just launched officially” at 8%.
“Looks like they are upsizing to $120 million,” he said.
The company initially registered $57.5 million of the notes on Nov. 24. On Dec. 4, the company said it was selling $50 million, and on Monday, that was upped to $100 million.
“It should price today,” the trader added, noting that the deal looked “pretty sloppy.”
He saw the paper trading at $24.55 in the early gray market.
“It looks like they sized it up and gave it to whoever,” he said. “There’s a lot of flipping going on.”
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets and UBS Securities LLC are the joint bookrunners. MLV & Co. LLC is the lead manager.
BB&T Capital Markets, Janney Montgomery Scott LLC and Oppenheimer & Co. are co-managers.
Meanwhile, United States Cellular Corp.’s $275 million of 7.25% $25-par senior unsecured notes due Dec. 1, 2063 began trading on the New York Stock Exchange on Tuesday.
The deal priced Dec. 1. The ticker symbol is “UZB.”
The notes were seen at $24.69 at mid-morning, up from opening levels of $24.60.
BofA Merrill Lynch, Morgan Stanley, RBC Capital Markets, UBS Securities and Wells Fargo Securities LLC were the joint bookrunning managers.
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