Morning Commentary: National General to sell noncumulative preferreds; Miller Energy prices add-on

By Stephanie N. Rotondo

Phoenix, Aug. 21 – Preferred stocks were edging higher in Thursday trading after slipping slightly in the previous session.

The Wells Fargo Hybrid and Preferred Securities index was up 3 basis points at mid-morning.

National General Holdings Corp. announced plans to sell $100 million of series B noncumulative preferreds via Morgan Stanley & Co. LLC and UBS Securities LLC.

However, a trader said he had not heard many details on the deal.

Meanwhile, Miller Energy Resources Inc. priced $18.75 million of 10.5% series D fixed-to-floating rate cumulative redeemable preferreds in a “best efforts” follow-on offering.

The issuance is in addition to the $25 million of the preferreds the company sold on Sept. 25, 2013.

The company sold the preferreds at a discount at $24.50 per share. That was a slight discount to the company’s closing share price of $24.57 on Wednesday.

In early Thursday trading, the preferreds (NYSE: MILLPD) were down 25 cents, or 1.02%, at $24.32.

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