| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers U > Headlines for Urstadt Biddle Properties Inc. > News item |
Morning Commentary: Calendar builds up with deals from Colony, Urstadt Biddle; PS Business frees
By Stephanie N. Rotondo
Seattle, Sept. 13 – The preferred stock market’s new issue calendar continued to build up early Wednesday, as two real estate investment trusts were added.
Colony NorthStar Inc. said it was offering $100 million of series J cumulative redeemable preferreds, with price talk in the 7.125% area.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and RBC Capital Markets LLC are the joint bookrunners.
The company intends to use proceeds from the deal to redeem some or all of its 8.25% series B cumulative redeemable preferreds (NYSE: CLNSPrB) and its 8.875% series C cumulative redeemable preferreds (NYSE: CLNSPrC).
Both of those issues were on the weaker side at mid-morning.
Meanwhile, Urstadt Biddle Properties Inc. announced a $100 million offering of series H cumulative redeemable preferred stock.
Price talk is 6.25% to 6.375%.
BMO Capital Markets Corp. and Wells Fargo Securities LLC are running the books.
Like Colony, Urstadt plans to use proceeds to redeem another outstanding preferred issue, the 7.125% series F cumulative redeemable preferred stock (NYSE: UBPPrF).
Also like Colony, the issue eyed for redemption was trading lower in early dealings.
As for deals from Tuesday’s business, PS Business Parks Inc.’s $200 million of 5.25% series X cumulative preferreds freed to trade in early dealings, getting a temporary ticker of “PSBBP.”
Paper was trading at $24.75 at mid-morning, with over 2 million shares already being exchanged.
Price talk was 5.25% to 5.375%. The deal was upsized from $100 million.
BofA Merrill Lynch, Morgan Stanley and Wells Fargo led the deal.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.