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Financial Sector Update for 09/08/2016: SUNS,KYN,WPC

Top Financial Stocks

JPM +0.52%

BAC +1.43%

WFC +0.19%

C +0.97%

USB +0.40%

Financial stocks were posting narrow gains on Thursday, with the NYSE Financial Sector Index rising about 0.1% while financial companies in the S&P 500 Index were adding about 0.3%.

In company news, Solar Senior Capital Ltd ( SUNS ) retreated Thursday after the debt management investor today priced a $65.6 million public offering of four million shares of its common stock at $16.40 each, a 3.1% discount to the stock's closing price last night.

The company expects to use net proceeds from the offering to pay down debt owed under its revolving credit facility as well as for working capital and other general corporate purposes.

SUNS shares were down over 4% at $16.16 apiece, recovering somewhat from an earlier decline to $15.91 a share.

In other sector news,

(+) KYN, (+3.7%) Executes definitive agreement for a $50 mln private placement of Series J mandatory redeemable preferred shares due November 2021 and for paying a yearly cash dividend of 3.36%. Net proceeds will be used to repay existing debt.

(-) WPC, (-1.4%) Prices $350 mln underwritten public offering of 4.250% senior notes maturing in October 2026.

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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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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