Market firms as Fed sees end of monetary easing; Hercules comes upsized; Navios lists

By Stephanie N. Rotondo

Phoenix, July 9 – The preferred stock market continued to be on the firm side at midweek as investors digested the latest minutes from the Federal Reserve.

The Wells Fargo Hybrid and Preferred Securities index closed up 13 basis points. At midday, the index was up 8 bps.

Late in the afternoon, the central bank released the minutes from its June 17-18 meeting. The minutes showed how the Fed plans to end its bond repurchase program come October and gave new preliminary details as to how interest rates would be controlled moving forward.

However, the interest rate plan was not written in stone, as members are continuing to discuss the best route to take.

Hercules Technology Growth Capital Inc.’s proposed $50 million offering of $25-par notes due 2024 – a deal that was announced Tuesday – priced late in the day, coming upsized at $100 million.

The notes came at par to yield 6.25%.

Keefe Bruyette & Woods Inc., Jefferies LLC and RBC Capital Markets LLC are the joint bookrunners. Co-managers are BB&T Capital Markets, Janney Montgomery Scott LLC, JMP Securities and Sterne Agee & Leach.

In recently priced issues, Navios Maritime Holdings Inc.’s $105 million of 8.625% series H cumulative redeemable perpetual preferreds – a deal that priced June 30 – hit the New York Stock Exchange on Wednesday.

The ticker symbol is “NMPH.”

The preferreds finished the session at $24.89.

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