Capitala’s $25-par notes offering comes upsized; GasLog units assigned temporary ticker

By Stephanie N. Rotondo

Seattle, May 10 – Preferred stock investors continued to eye the new issue market in Wednesday trading.

Capitala Finance Corp.’s brought a $70 million offering of 6% $25-par notes due 2022 after the market closed.

The deal was increased from $50 million and priced in line with talk.

Just ahead of pricing, a market source said he heard the deal would max out at $75 million, though orders had come in for as much as $100 million.

That source saw the issue at $24.88 bid, $24.92 offered in the gray market.

Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Janney Montgomery Scott LLC, William Blair & Co. LLC and Wunderlich Securities Inc. ran the books.

Proceeds from the sale will be used to redeem a portion of the Charlotte, N.C.-based business development company’s $113.4 million outstanding 7.125% $25-par fixed-rate notes due 2022 (NYSE: CLA).

Those notes were off 24 cents at the bell, trading at $25.30.

Meanwhile, GasLog Partners LP’s 8.625% series A fixed-to-floating rate cumulative redeemable preference units received a temporary ticker symbol, according to a market source.

The symbol is “GSLGF.”

The $125 million deal came late Monday, upsized from $50 million. It freed to trade early Tuesday.

At the close, the units were seen at par, which was off a nickel from the previous close.

Still, the issue was deemed the day’s most actively traded preferred security.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.