Top Financial Stocks
Financial stocks were posting narrow gains with the NYSE
Financial Sector Index rising about 0.2% and the S&P Financial
100 Index adding just 0.1%.
In company news, Prospect Capital (
) shares declined Tuesday after the commercial lender priced a $400
million private placement of its 4.75% senior unsecured convertible
notes due 2020.
The Notes will be convertible into shares of PSEC common stock
at a rate of 80.6647 shares for each $1,000 in face value of the
notes, or about $12.40 a share - a 15% premium to the stock's
closing price Monday.
Proceeds from the offering will be used to pay down the
outstanding balance on its credit facility and maintaining
balance-sheet liquidity, including high-quality short-term debt as
well as longer-term securities matching the company's investment
PSEC shares were down 0.1% at $10.77 apiece in mid-day trade,
just 1 cent off its intra-day high. The stock has a 52-week range
of $10.05 to $11.62 a share, rising 11.6% over the past 12
In other sector news,
(+) BK, (+0.4%) Raises quarterly dividend by 13% to $0.17 per
share, payable May 7 to shareholders of record on April 25. The
Federal Reserve last month approved BK's capital plan, which
includes the $0.02 per share dividend increase and a $1.74 bln
stock buyback program.
(-) STWD, (-2.9%) Sells 22 mln shares of its common stock for
$496.1 mln in gross proceeds, or $22.55 each - a 2.8% discount to
Monday's closing price. The new money, after paying offering
expenses, will be used to buy commercial mortgage loans.
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