B. Riley, QVC price; Qwest’s $25-par notes mixed; Wells Fargo, Energy Transfer down

By James McCandless

San Antonio, Sept. 6 – The preferred primary space saw increased activity as the secondary market continued a downward trend.

B. Riley Financial, Inc. priced $87 million of $25-par five-year senior notes at par with a coupon of 6.875% on Thursday.

B. Riley FBR Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Incapital LLC are the joint bookrunners.

QVC, Inc. sold $225 million of $25-par senior secured notes due 2067 with a coupon of 6.375%.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw its $25-par notes end mixed in secondary trading.

Qwest’s existing 6.75% notes due 2057 (NYSE: CTDD) were down 3 cents to close at $24.80 on volume of about 525,000 notes.

The 6.5% notes due 2056 (NYSE: CTBB) were up 3 cents to close at $23.97 on volume of about 305,000 notes.

The 6.125% notes due 2053 (NYSE: CTY) were up 20 cents to close at $23.66 on volume of about 229,000 notes.

Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferred stock declined.

Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual units also fell.

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