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Morning Commentary: Digital Realty plans new issue; Public Storage busy, better; Annaly gyrates
By Stephanie N. Rotondo
Seattle, Aug. 2 – Another deal stepped into the preferred stock market on Wednesday as Digital Realty Trust Inc. announced plans to sell at least $100 million of series J cumulative redeemable preferred stock.
Price talk is 5.375%, according to a market source.
The paper was pegged at $24.70 bid in the gray market at mid-morning.
BofA Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the joint bookrunners.
The preferred stock offering is being done concurrently with a two-tranche sale of bonds. Proceeds from both deals will be used to fund a portion of the repayment, redemption and/or discharge of DuPont Fabros Technology Inc. debt, as well as certain fees and expenses from the merger with DuPont.
Meanwhile, recent issues remained in focus in midweek trading.
Public Storage’s $300 million of 5.05% series G cumulative preferreds – a deal priced Monday – were again the most actively traded issue as of mid-morning. The paper was up a dime at $24.85, on nearly 482,000 shares traded.
The issue freed to trade on Tuesday and is trading under a temporary ticker symbol, “PBSTP.”
Annaly Capital Management Inc.’s $700 million of 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock (NYSE: NLYPrF) were also on the busier side. The paper was at $24.84 in early dealings, which was up from Tuesday’s closing price of $24.80 but off from Wednesday’s opening levels of $24.86.
The deal priced on July 25, coming tighter than the initial price talk of 7% to 7.125%. The issue was also upsized from $200 million.
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