Morning Commentary: Medley notes rise; OM Asset Management declines; Goldman preferreds mixed

By Christine Van Dusen

Atlanta, Aug. 22 – Recent issues of preferred stock saw some activity in trading on a typically subdued summer Monday ahead of what's expected to be a busy September.

New York-based asset management firm Medley LLC’s $25 million of 6.875% $25-par unsecured notes due 2026 (NYSE: MDLX) traded Monday morning at $24.25, up 15 cents. The notes listed on the New York Stock Exchange on Wednesday.

Medley will use the proceeds to repay outstanding amounts under a senior secured term loan facility with Credit Suisse AG, Cayman Islands Branch.

London-based asset manager OM Asset Management plc’s $125 million of $25-par senior notes due 2031, which began trading on the NYSE on Friday, moved down 14 cents on Monday morning to trade at $25.10.

The ticker is “OMAA.” The deal priced July 27.

BofA Merrill Lynch, Wells Fargo Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners. RBC Capital Markets is the joint lead manager.

And Goldman Sachs Group Inc.’s 6.375% series K fixed-to-floating rate noncumulative perpetual preferreds (NYSE: GSPK) opened 2 cents higher at $28.88. The company’s floating-rate series D noncumulative preferreds (NYSE: GSPD) dipped a penny, to $21.90.

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