Ladenburg starts offering, greenshoe partly exercised; Legacy zooms on settlement; Tsakos up

By James McCandless

San Antonio, June 25 – The preferred market started the week largely declining in a spillover from downward trends in the broader markets.

Ladenburg Thalmann Financial Services Inc. started a $25 million at-the-market sale of its 7% senior notes and also reported that the greenshoe had been partially exercised on an earlier underwritten offering of those securities.

Legacy Reserves LP’s series A and B preferred units saw multi-point gains after the company agreed to a settlement in class action lawsuits filed by holders of those units.

Tsakos Energy Navigation Ltd.’s new $135 million 9.5% series F fixed-to-floating perpetual preferreds traded up.

Enstar Group Ltd.’s new $400 million 7% series D fixed-to-floating rate perpetual preferred shares declined.

Ladenburg begins offering

Ladenburg Thalmann Financial Services launched a $25 million at-the-market sale program for its 7% $25-par senior notes due 2028.

Ladenburg Thalmann & Co. Inc. will be agent for the sales.

The company said that the underwriters of the original $40 million offering from May exercised $1,412,375 of the $6 million over-allotment option, increasing the sale to $41,412,375.

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