Gladstone adds deal to calendar; Carlyle units busy, better; Georgia Power does ‘fine’

By Stephanie N. Rotondo

Seattle, Sept. 19 – New issues continued to trickle into the preferred stock market on Tuesday.

Gladstone Capital Corp. announced an underwritten public offering of series 2024 term preferreds early in the session. The company plans to use the proceeds to redeem its outstanding 6.75% series 2021 term preferred shares (Nasdaq: GLADO).

The existing issue was off 29 cents, or 1.14%, at $25.02, in well above-average trading.

Pricing details were not available as of 6 p.m. ET.

Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are running the books.

Dividends will be payable monthly. The preferreds become redeemable in 2019 or upon a change of control, at par plus accrued dividends. The company may also redeem some of the issue in order to maintain its asset coverage ratio.

The new securities will be listed on the Nasdaq Global Select Market under the ticker symbol “GLADN.”

Among other Nasdaq-listed issues, the Carlyle Group’s $400 million of 5.875% series A perpetual preferred units (Nasdaq: TCGP) were on the move, trading up 17 cents to $25.25.

The deal priced Sept. 6. There was no fresh news out to cause the movements.

As for Monday’s deals, Georgia Power Co.’s $270 million of 5% $25-par series 2017A junior subordinated notes due 2077 “did fine,” a market source said.

The source said the issue traded around $25.12 for most of the day.

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