Morning Commentary: Gladstone Capital adds deal to calendar; Carlyle Group’s units busy, better

By Stephanie N. Rotondo

Seattle, Sept. 19 – New issues continued to trickle into the preferred stock market early Tuesday.

Gladstone Capital Corp. announced an underwritten public offering of series 2024 term preferreds early in the session. The company plans to use proceeds to redeem its outstanding 6.75% series 2021 term preferred shares (Nasdaq: GLADO).

The existing issue was off 28 cents, or 1.09%, at $25.03 early Tuesday.

Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are running the books.

Dividends will be payable monthly. The preferreds become redeemable in 2019 or upon a change of control, at par plus accrued dividends. The company may also redeem some of the issue in order to maintain its asset coverage ratio.

The new securities will be listed on the Nasdaq Global Select Market under the ticker symbol “GLADN.”

Among other Nasdaq-listed issues, the Carlyle Group’s $400 million of 5.875% series A perpetual preferred units (Nasdaq: TCGP) were dominating early trading, with nearly 521,000 shares being exchanged by mid-morning.

The units were also moving up, adding 8 cents to $25.16.

The deal priced on Sept. 6. There was no fresh news out to cause the movements.

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