Discover Financial prices $570 million; CIM offers units; Golar, RiverNorth improve

By Cristal Cody

Tupelo, Miss., Oct. 26 – Discover Financial Services, Inc. priced $570 million of depositary shares (Ba3/BB-/BB-) that each represent 1/100th of an interest in its 5.5% $1,000-par fixed-to-floating rate perpetual preferred stock on Thursday.

CIM Commercial Trust Corp. also announced plans on Thursday to price up to 900,000 series L units that consist of 9 million shares of its series L preferred stock.

Primary action has picked up with a handful of deals priced in October.

Preferreds ended Thursday flat to modestly better after softening in the previous session.

The Wells Fargo Hybrid and Preferred Securities index closed flat.

The U.S. iShares Preferred Stock ETF was mostly unchanged.

Golar LNG Partners LP’s $120 million of 8.75% series A perpetual cumulative redeemable preferred units that priced on Tuesday were up 4 cents at $24.94 in trading.

The preferreds were issued the temporary symbol “GOLPF” on Wednesday.

Golar LNG Partners sold $120 million of the preferred units on Tuesday at $25.00 per unit.

The Hamilton, Bermuda-based owner and operator of liquid natural gas carriers will apply to list the preferred units on the Nasdaq Global Select Market under the symbol “GMLPP.”

Also on Thursday, RiverNorth Marketplace Lending Corp. listed for trading its 5.875% series A term preferred shares due Oct. 31, 2024 on the New York Stock Exchange under the symbol “RMPL.”

The preferreds closed up 5 cents at $25.20.

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