Financial Sector Update for 11/22/2017: PFLT,UEPS,PUB

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Top Financial Stocks

JPM -0.13%

BAC -0.15%

WFC -0.31%

C +0.42%

USB -0.06%

Financial stocks were lower, with the NYSE Financial Sector Index slipping just over 0.1% while financial companies in the S&P 500 Index were experiencing a more than 0.3% drop.

In company news, PennantPark Floating Rate Capital Ltd ( PFLT ) rose marginally after the commercial loans company today priced a $138.7 million private placement of its 3.83% Series A unsecured notes due 2023 with unnamed institutional investors in Israel.

The company will repay the principal on the loans in four annual installments beginning on Dec. 15, 2020, with an initial payment of about $20.8 million - or 15% of the principal owed - with another $20.8 million due in both December 2021 and December 2022. It will repay the remaining 55% with a $75.3 million outlay on Dec. 15, 2023.

Interest is payable semi-annually on June 15 and Dec. 15 each year. The notes will trade on the Tel Aviv Stock Exchange, PennantPark said, and will be governed through customary covenants, including minimum equity requirements and certain events of default.

In other sector news,

(+) UEPS, (+9.1%) MasterPayment subsidiary partners with Bitstamp digital currency exchange to facilitate credit card processing and purchases using cryptocurrencies. Financial terms were not disclosed.

(-) PUB, (-0.2%) Chief financial officer Wolfgang Muelleck sells 6,231 shares of the bank company's stock at $30.074 apiece and generating nearly $187,400 in gross proceeds. Following the Nov. 20 stock sale, he owns 72,260 shares.

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 , ETFs
Referenced Symbols: PFLT , UEPS , PUB

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