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Morning Commentary: Preferreds remain strong in early trades; TravelCenters trading on NYSE
By Stephanie N. Rotondo
Phoenix, Dec. 19 – Preferred stock continued to rally for the third straight day.
The rally began Wednesday following the Federal Reserve’s release of its latest policy statement, which indicated the central bank would be “patient” when it comes to deciding when to raise interest rates.
The Wells Fargo Hybrid and Preferred Securities index was up 10 basis points at mid-morning.
Liquidity continued to be limited, however, as investors prepare for the upcoming holiday.
TravelCenters of America LLC’s $120 million of 8% senior notes due 2029 began trading on the New York Stock Exchange on Friday.
The deal came Dec. 9. The symbol is “TANO.”
Paper was trading at $24.39 early in the session, down from opening levels of $24.50.
A source saw a market of $24.36 bid, $24.40 offered.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and UBS Securities LLC were the joint bookrunners. MLV & Co. LLC was the lead manager.
Proceeds will be used for general business purposes, including acquisitions and construction of additional travel centers and convenience stores, capital improvements to existing travel centers and stores and for other expansion activities.
TravelCenters is a Westlake, Ohio-based leading operator and franchisor of travel centers primarily along the U.S. interstate highway system.
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