Midday Commentary: Campus Crest, Box Ships announce add-on offerings; Tsakos admitted to NYSE

By Stephanie N. Rotondo

Phoenix, Oct. 3 - The preferred stock market was drifting lower in midday trading on Thursday, the third day of a partial government shutdown.

Around noon ET, the Wells Fargo Hybrid and Preferred Securities index was off 13 basis points.

Despite the weakness, both Campus Crest Communities Inc. and Box Ships Inc. brought add-on offerings to the marketplace.

For its part, Campus Crest said it was planning to sell more of its 8% series A cumulative redeemable preferreds.

The company originally sold $50 million of the preferreds - $57.5 million including the greenshoe - on Feb. 2, 2012.

On the news of the offering, the preferred shares (NYSE: CCGPA) fell $1.12, or 4.32%, to $24.83 as of midday.

Box Ships meantime said it would offer additional 9% series C cumulative redeemable preferreds.

The company initially sold $13.95 million of the preferreds on July 26 at a discounted price of $24.00 per share.

That stock (NYSE: TEUPC) was trading up at midday, putting on 36 cents, or 1.46%, to trade just over par.

Meanwhile, Tsakos Energy Navigation Ltd.'s $50 million of 8.875% series C cumulative redeemable perpetual preferred shares - a deal that came Sept. 26 and freed to trade on Tuesday - was already listed on the New York Stock Exchange.

The ticker symbol is "TNPPC." Paper was trading at $24.43 at midday versus opening levels around $24.90.

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