Morning Commentary: Preferreds weaken in trading; Miller Energy plans add-on to 10.5% preferreds

By Stephanie N. Rotondo

Phoenix, Aug. 20 – The preferred stock market was losing a little ground in early midweek trading.

The Wells Fargo Hybrid and Preferred Securities index was down 5 basis points at mid-morning.

Miller Energy Resources Inc. added a new deal to the calendar Wednesday, announcing a follow-on “best efforts” offering of its 10.5% series D fixed-to-floating rate cumulative redeemable preferreds (NYSE: MILLPD).

The preferreds were trading off 37 cents, or 1.47%, at $24.63 early in the session.

The Knoxville, Tenn., oil and gas exploration and development company initially sold $25 million of the preferreds in September 2013.

MLV & Co. LLC and Maxim Group LLC are leading the deal, and Aegis Capital Corp., Ladenburg Thalmann, National Securities Corp. and Northland Capital Markets are acting as co-managers.

Beginning Dec. 1, 2018, the dividend begins to float at Libor plus 907.3 basis points.

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