Midday Commentary: Small new deals trickling out as Adcare Health, Costamare offerings emerge

By Stephanie N. Rotondo

Phoenix, July 29 - New offerings in the preferred stock market continued to churn out on Monday, though the deal sizes were small.

Adcare Health Systems Inc. said it was doing a best-efforts follow-on offering to its 10.875% series A cumulative redeemable preferreds.

The company registered an additional $13.75 million shares.

The paper (NYSE MKT: ADKPA) was trading at $27.96 at midday, up 43 cents, or 1.58%.

Greek shipping company Costamare Inc. meantime announced an offering of at least $50 million series B cumulative redeemable preferreds.

Price talk on the non-rated deal is 7.625% to 7.75%, according to a trader.

The trader said he hadn't seen any markets in that deal as of midday.

In recent issues, a trader said Synovus Financial Corp.'s $130 million of 7.875% series C fixed-to-floating rate noncumulative preferreds was assigned a reporting symbol, "SNFOF."

He saw the paper trading between $25.55 and $25.70 at midday.

The issue priced July 22.

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