Great Elm prices $43 million; Legacy’s climb continues; AmTrust’s preferreds drop

By Abigail W. Adams

Portland, Me., Jan. 12 – Great Elm Capital Corp. priced $43 million in $25-par 6.75% notes due 2025 after the market close on Thursday. The notes have not yet been freed to trade for OTC business.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and Oppenheimer & Co. Inc. are bookrunners for the registered sale, which carries a greenshoe of $6.5 million.

Both the iShares U.S. Preferred Stock ETF and Wells Fargo Hybrid and Preferred Securities Aggregate index were down on Friday.

The Wells Fargo index slid 16 basis points and the iShares ETF was down 0.18% at the market close Friday.

Despite the decline in the broader market, Legacy Reserves LP continued to see gains.

After moving in opposite directions in early trades, Legacy Reserves LP’s 8% series A fixed-to-floating rate cumulative redeemable perpetual preferred units and 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units ended Friday’s session on a positive note.

Both units made large gains on Thursday amid speculation the fortunes of the Midland, Texas-based limited partnership focused on the acquisition and development of oil and natural gas properties are primed to improve.

AmTrust Financial Services Inc.’s series A through F non-cumulative perpetual preferred stock all posted losses at market close Friday.

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