Morning Commentary: Saratoga to tap market; Qwest adds to gains; U.S. Bancorp higher

By James McCandless

San Antonio, Aug. 21 – Saratoga Investment Corp. plans to price an offering of $25-par notes due 2025 with an initial size of $35 million and talk for a coupon of 6.25% to 6.375%, according to a market source.

The offering was announced Tuesday morning.

Ladenburg Thalmann & Co., Inc., BB&T Capital Markets and Janney Montgomery Scott LLC are the joint bookrunners.

Meanwhile, Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw four issues gaining in early trading. On Monday, the company issued a redemption notice for $1.34 billion in total of its 7.5% notes due 2051, two series of 7% notes due 2052 and 7.25% debentures due 2035.

The 6.5% notes due 2056 (NYSE: CTBB) were up 16 cents to $23.15 on volume of about 184,000 notes.

The 6.75% notes due 2057 (NYSE: CTDD) were up 19 cents to $23.64 on volume of about 144,000 notes.

The 6.875% notes due 2054 (NYSE: CTV) were up 25 cents to $24.25 on volume of about 155,000 notes.

The 6.125% notes due 2053 (NYSE: CTY) were up 25 cents to $22.18 on volume of about 116,000 notes.

U.S. Bancorp’s recent $575 million of 5.5% series K non-cumulative perpetual preferred stock improved in early trading.

The preferreds (NYSE: USBPrP) were up 1 cent to $25.28 with about 79,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% in early trading after a 0.17% gain on Tuesday.

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