Midday Commentary: Market firm at midweek; WhiteHorse to issue $25-par notes; Full Circle slips

By Stephanie N. Rotondo

Phoenix, July 10 - The preferred stock market was mostly firm as the midweek trading session got underway on Wednesday, based on how various preferred stock indexes were preforming.

Still, a trader noted that there was little news out to drive the market one way or another.

The primary saw a small new deal hitting the tape as WhiteHorse Finance Inc. said it would sell a minimum of $30 million of $25-par senior notes.

The Miami-based investment company intends to use the proceeds to reduce outstanding debt.

A trader said he had not heard any details on the new deal.

Meanwhile, Full Circle Capital Corp. said it had sold an additional $2.4 million of its recently priced 8.25% $25-par notes due 2020. The Rye Brook, N.Y.-based externally managed non-diversified closed-end management investment company originally sold $18.75 million of the notes on June 25.

The paper (Nasdaq: FULLL) was off a dime at midday, trading at $24.80.

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