NorthStar, Stellus listed; American Capital Mortgage frees; General Growth sets dividend

By Stephanie N. Rotondo

Phoenix, May 16 - As the week wound down, preferred stocks remained on an upward tilt.

The Wells Fargo Hybrid and Preferred Securities index was up 2 basis points as of mid-morning. By the end of the day, the index had shot up to close 17 bps better.

In new listings, NorthStar Realty Finance Corp.'s $225 million 8.75% series E perpetual cumulative preferred stock began trading on the New York Stock Exchange on Friday.

The deal came Monday. The ticker symbol is "NRFPE."

A trader gave a quote of $24.80 bid, $24.85 offered for the paper early in the session. According to the NYSE, the issue was trading at $24.83 early in the day, up from opening levels of $24.82.

The shares closed at $24.87.

Stellus Capital Investment Corp.'s $25 million issue of 6.5% $25-par notes due 2019 also listed on the NYSE Friday. That issue priced April 29.

The ticker symbol is "SCQ." The notes were quoted at $24.80 bid, par offered.

At the close, the notes were trading at $25.40.

From Thursday's business, American Capital Mortgage Investment Corp.'s $50 million of 8.125% series A cumulative redeemable preferreds were pegged at $24.60 at mid-morning. The issue then freed to trade around noon ET.

After freeing up, a trader quoted the preferreds at $24.60 bid, $24.65 offered.

In the secondary, General Growth Properties Inc. said late Thursday that it was declaring a dividend on its 6.375% series A cumulative redeemable preferreds (NYSE: GGPPA).

The 39.84-cent per share payment will be made on July 1.

The shares were up a dime at $24.24.

Meanwhile, Entergy Texas Inc. officially announced a redemption of all $150 million of 7.875% first mortgage bonds due June 1, 2039.

The energy producer is using the funds from its $135 million sale of 5.625% $25-par first mortgage bonds due June 1, 2064, a deal that priced Tuesday.

On the news, the 7.875% bonds (NYSE: EDT) were trading up 6 cents to $25.62. The new deal was seen at $25.20 offered.

The redemption date will be June 16. The redemption price is par plus accrued interest.

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