Morning Commentary: Great Elm prices $43 million; secondary weakens; Legacy climbs and drops

By Abigail W. Adams

Portland, Me., Jan. 12 – Great Elm Capital Corp. priced $43 million in $25-par 6.75% notes due 2025 after the market close on Thursday. The notes have not yet been freed to trade for over-the-counter business.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and Oppenheimer & Co. Inc. are bookrunners for the registered sale, which carries a greenshoe of $6.5 million.

While both the iShares U.S. Preferred Stock ETF and Wells Fargo Hybrid and Preferred Securities Aggregate index were down in early trading Friday, some preferred stocks posted gains.

The Wells Fargo index slid 19 basis points and the iShares ETF was down 0.12%.

Legacy Reserves LP’s 8% series A fixed-to-floating rate cumulative redeemable perpetual preferred units and 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units moved in opposite directions early in Friday’s session after both made large gains on Thursday.

Legacy’s 8% series A units continued their upward momentum climbing 10 cents to $6.03 early in Friday’s session, an increase of 1.68%. Legacy’s 8% series B units slipped 21 cents to $5.637, a decrease of 3.64%.

Fannie Mae’s 7.625% non-cumulative series R preferred stock was up 15 cents to $7.25, an increase of 2.11%, in heavy volume trading early in Friday’s session.

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