Sotherly begins at-the-market offering; Gladstone redeems series B, C preferreds

By James McCandless

San Antonio, Aug. 31 – The preferred space saw an uptick in activity as the market headed for the close on Friday.

Sotherly Hotels Inc. started an at-the-market offering of up to $10 million of its $25-par 7.875% series C cumulative redeemable preferred stock.

The at-the-market sales agreement lists Sandler O’Neill + Partners, LP as the distributor.

Gladstone Investment Corp. redeemed all outstanding shares of its 6.75% series B and 6.5% series C cumulative term preferred stock.

The preferred stock was redeemed on Aug. 31 at a redemption price of $25.00 per share for a redemption price of about $81.7 million.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock improved, ending the week on top of preferred trading.

The preferreds (NYSE: BACPrK) were up 13 cents to close at $25.74 on volume of about 451,000 shares.

U.S. Bancorp’s $575 million of 5.5% series K non-cumulative perpetual preferred stock jumped up.

The preferreds (NYSE: USBPrP) were up 17 cents to close at $25.61 with about 441,000 shares trading.

KeyCorp’s 5.65% series F perpetual non-cumulative preferred stock rose.

The preferreds (NYSE: KEYPrJ) were up 7 cents to close at $25.08 on volume of about 387,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.03% at market close.

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