Preferred primary sees small deals; AT&T’s $25-par notes slide; KeyCorp edges lower

By James McCandless

San Antonio, June 27 – The preferred market saw an active day in the primary space with robust secondary trading.

CM Finance Inc. priced a $30 million offering of $25-par notes due 2023 at 6.125%.

Chicken Soup for the Soul Entertainment, Inc.’s new $15 million of $25-par series A cumulative redeemable perpetual preferred stock was seen trading below par.

In the secondary market, AT&T Inc.’s 5.35% $25-par global notes due 2066 topped trading after announcing the acquisition of digital advertising name AppNexus. The notes (NYSE: TBB) were down 6 cents to close at $25.16 with about 676,000 shares trading.

KeyCorp’s series E fixed-to-floating rate perpetual preferreds saw a spike in activity amid a slight decline in price.

Enstar Group Ltd.’s new $400 million 7% series D fixed-to-floating rate perpetual preferred shares edged lower.

In its deal, CM Finance priced a $30 million offering of $25-par notes due 2023 at 6.125%.

Keefe, Bruyette & Woods, Inc. and Ladenburg Thalmann & Co. Inc. are the joint bookrunners.

Meanwhile, Chicken Soup for the Soul’s new $15 million of 9.75% $25-par series A cumulative redeemable perpetual preferred stock came to market on Wednesday.

Ladenburg Thalmann & Co. Inc. is the bookrunner.

The offering, downsized from $25 million, was launched on June 13.

The preferreds (Nasdaq: CSSEP) were spotted trading below par at $24.90.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.