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Global Partners prices preferreds; Bank of America improves; Energy Transfer slips
By James McCandless
San Antonio, July 31 – The preferred market continued to see trading volume center on newer issues on Tuesday.
Global Partners LP priced $60 million of $25-par series A fixed-to-floating rate cumulative redeemable perpetual preferred units.
The deal, announced Tuesday morning, was upsized from talk of $40 million and matched yield talk for an initial dividend of 9.75%. After an initial fixed-rate period, the dividend converts to a floating rate of Libor plus 677.4 basis points.
Stifel Nicolaus & Co. Inc., Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners.
Bank of America Corp.’s recent series HH non-cumulative perpetual preferred stock improved.
The preferreds (NYSE: BACPrK) were up 3 cents to close at $25.26 on volume of 1.2 million shares.
Energy Transfer Partners, LP’s recent $445 million 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units trended lower.
The preferreds (NYSE: ETPPrD) were down 1 cent to close at $25.26 with about 752,000 shares trading.
Wells Fargo & Co.’s series W non-cumulative class A preferred stock rose amid increased investor attention.
The preferreds (NYSE: WFCPrW) were 2 cents higher to close at $25.25 on volume of about 447,000 shares.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.11% at market close.
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