THL 6.75% note quiet after pricing toward high end; preferreds tick higher; catalysts eyed

By Rebecca Melvin

New York, Nov. 14 – THL Credit Inc.’s newly priced 6.75% $25-par notes due Nov. 15, 2021 were quiet in the secondary market on Friday after the Boston-based investment company priced $45 million of the notes toward the high end of talked terms late Thursday, according to a market source.

“The deal is doing OK,” the market source said.

Overall, preferreds were little changed to slightly higher, sources said, as players faced little market moving news and shifted their attention to next week, which is the last full week for trading before the Thanksgiving holiday.

“People are getting ready for the week before the holiday, and not seeing anything particularly newsworthy,” a trader said.

Limited new-deal action was expected before year-end.

“We may see more REITs and a couple of smaller bank deals before year-end,” the trader said, referring to real estate investment trusts.

Next week Sotherly Hotels LP’s offering of $25-par senior unsecured notes due 2019 is on the calendar for pricing Tuesday.

The notes are non-callable for three years and have a change-of-control feature that requires the company to purchase the notes at 102% of par plus interest.

The Williamsburg, Va.-based company is a real estate investment trust.

Meanwhile, New Orleans-based First NBC Bank Holding Co. has filed with regulators regarding $100 million of mixed securities that may include a preferred tranche, a trader said.

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