Medley notes rise, then dip; OM Asset issue declines; Goldman Sachs preferreds mixed

By Christine Van Dusen

Atlanta, Aug. 22 – Recent issues of preferred stock saw some activity in trading on a typically subdued summer Monday ahead of what's expected to be a busy September.

New York-based asset management firm Medley LLC’s $25 million of 6.875% $25-par unsecured notes due 2026 (NYSE: MDLX) traded Monday morning at $24.25, up 15 cents. The notes listed on the New York Stock Exchange on Wednesday.

Medley will use the proceeds to repay outstanding amounts under a senior secured term loan facility with Credit Suisse AG, Cayman Islands Branch.

The notes closed on Monday at $24.21.

London-based asset manager OM Asset Management plc’s $125 million of 15-year $25-par senior notes due 2031, which began trading on the NYSE on Friday, moved down 14 cents on Monday morning to trade at $25.10.

The ticker is “OMAA.” The deal priced July 27.

On Monday the notes closed at $25.12.

BofA Merrill Lynch, Wells Fargo Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners. RBC Capital Markets is the joint lead manager.

And Goldman Sachs Group Inc.’s 6.375% series K fixed-to-floating rate noncumulative perpetual preferreds (NYSE: GSPK) opened 2 cents higher, at $28.88, before closing at $28.80. The company’s floating-rate series D noncumulative preferreds (NYSE: GSPD) dipped a penny, to $21.90, before finishing Monday’s session at $21.86.

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