Preferreds finish midweek session nearly flat; Miller Energy plans add-on to 10.5% paper

By Stephanie N. Rotondo

Phoenix, Aug. 20 – The preferred stock market was losing a little ground in early midweek trading but rebounded to end just slightly better on the day.

The Wells Fargo Hybrid and Preferred Securities index was down 5 basis points at mid-morning but came back to end up 1 bp.

Liquidity was improved over the last two days, but it was still “very quiet,” according to a trader.

Miller Energy Resources Inc. added a new deal to the calendar Wednesday, announcing a follow-on “best efforts” offering of its 10.5% series D fixed-to-floating rate cumulative redeemable preferreds (NYSE: MILLPD).

“That’s about the only thing that going on today,” a trader said.

The preferreds traded off 43 cents, or 1.72%, to $24.57.

The oil and gas exploration and development company initially sold $25 million of the preferreds in September 2013.

MLV & Co. LLC and Maxim Group LLC are leading the deal.

Beginning Dec. 1, 2018, the dividend begins to float at Libor plus 907.3 bps.

Earlier this week, MB Financial Inc. wrapped its takeover of Taylor Capital Group Inc., merging Cole Taylor Bank with MB Financial Bank.

A trader told Prospect News on Wednesday that due to the merger’s completion, Taylor Capital’s 8% series A noncumulative perpetual preferred stock had undergone a symbol change.

The new symbol is “MBFIP.” The old symbol was “TAYCO.”

The preferreds trade on the Nasdaq Global Select Market.

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