Morning Commentary: Atlas Resource Partners plans offering of preferred units; GasLog slips

By Stephanie N. Rotondo

Phoenix, April 7 – The preferred stock market kicked off Tuesday trading with a firm tone, but one trader noted that liquidity remained limited.

“Stuff is just not moving today,” he said.

The Wells Fargo Hybrid and Preferred Securities index was up 3 basis points at mid-morning.

Atlas Resource Partners LP announced early in the session that it would offer class E cumulative redeemable perpetual preferred units.

However, a trader said he had yet to see any details on the new issue coming via MLV & Co. LLC, Ladenburg Thalmann & Co. Inc., National Securities Corp., Northland Capital Markets and U.S. Capital Advisors.

The company’s 8.625% class D cumulative redeemable perpetual preferred units (NYSE: ARPPD) were meantime 7 cents weaker in early trading at $20.97.

Atlas intends to use proceeds from the new issue for general corporate purposes, which may include the repayment of borrowings under a revolving credit facility.

Meanwhile, GasLog Ltd.’s $100 million of 8.75% series A cumulative redeemable perpetual preference shares are slated to begin trading on the New York Stock Exchange on Wednesday, according to a market source.

The deal came March 30. The ticker symbol will be “GLOGPA.”

Currently, the paper trades under a reporting symbol of “GKLGF.” At mid-morning, the shares were trading down a dime at $25.10.

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