Financial Shares Gaining; NGP Capital Rising After Joining Loan Package for Gulf Coast Energy Firm


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Financial stocks are rising with the broader equity markets, with the NYSE Financial Sector Index climbing 0.7% and the S&P Financial 100 Index adding 0.8%.

In company news, NGP Capital Resources Co. ( NGPC ) is up 0.7% at $7.46 a share, holding within 5 cents of its session high and climbing within 7% of its 52-week high at $7.98 after the specialty lender late Thursday disclosed taking part in a $180.0-million second lien term loan for an unnamed, privately held company seeking to buy additional oil and gas properties in southern Louisiana.

NGPC provided $14 million - or roughly 8% - of the money in the transaction. The term loan was issued at a 3% discount and will yield 10.25% or LIBOR plus 9%, whichever is greater, in yearly interest for NGPC through its March 2019 maturity.

Other lenders in the consortium were not identified. NGPC said the latest deal increased its overall investment portfolio to around $225 million, including about $98 million in deal so far this year.

In other sector news,

(+) TKF, (+2.6%) Approves tender offer beginning Oct. 21 for up to around 610,000 - or 10% - shares of the Morgan Stanley ( MS )-affiliated fund at 98.5% of its net asset value per share the day after the tender offer expires.

(+) SUNS, (+0.9%) Acquires Gemino Healthcare Finance from affiliates of EDG Partners and certain Gemino executives. Financial terms of the transaction were not disclosed.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: MS , NGPC

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