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Financial Sector Update for 10/03/2018: SIR,GOV,TCRD,KKR


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Top Financial Stocks

JPM +0.60%

BAC +0.81%

WFC +0.75%

C +0.77%

USB -1.40%

Financial stocks were mostly higher ahead of Wednesday's opening bell.

Among financial stocks likely to move on news:

(-) Select Income REIT ( SIR ) was 3.9% lower in early trading Wednesday, previously slipping over 2% in Tuesday after-hours session when the real estate investment trust disclosed plans for a secondary public offering of 24.92 million shares of its common stock now owned by the Government Properties Income Trust ( GOV ). If completed, the upcoming stock sale would liquidate Government Properties' entire 27.8% stake in Select Income REIT, ending its tenure as the company's largest institutional investor it has held since July 2014.

In other sector news:

(+) THL Credit ( TCRD ) edged higher in after-hours trading, adding about 0.1%, after the asset manager late Tuesday priced a $50 million public offering of 6.125% notes due in October 2023. The company also provided underwriters with a 30-day option to buy an additional $7.5 million of the five-year notes. Net proceeds will be used to repay existing debt, including the redemption of its 6.75% notes due 2021 as well as paying down a portion of its revolving credit facility.

(-) KKR & Co LP ( KKR ) declined fractionally in Tuesday's after-hours trading after the private-equity investor said it has closed on its acquisition of BMC Software from a private investor group led by Bain Capital and Golden Gate Capital together with GIC, Insight Venture Partners and Elliott Management. 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 Nasdaq, Inc.

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This article appears in: Investing , Banking and loans
Referenced Symbols: TCRD , KKR




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