Triangle Capital plans offering; recently priced and listed deals take much of day's focus

By Stephanie N. Rotondo

Phoenix, Oct. 15 - Preferred stocks were getting off to a sleepy start Monday, as even a newly announced offering from Triangle Capital Corp. was not getting much play.

The Raleigh, N.C.-based investment firm said it was planning to sell $50 million of $25-par senior notes due Dec. 15, 2022.

Pricing is expected between 6.25% and 6.5%, according to a trader.

However, market sources had heard little details or markets for the deal by the end of the day. The deal did not price as of press time.

Joint bookrunners on the deal are Stifel Nicolaus & Co. Inc., Raymond James & Associates Inc., BB&T Capital Markets, Janney Montgomery Scott LLC and Stern Agee & Leech. Co-managers are J.J.B. Hilliard, W. L. Lyons, LLC, Stephens Inc. and Wunderlich Securities Inc.

Meanwhile, recently priced and recently listed deals were receiving a fair bit of the day's action, though liquidity overall was deemed "pretty light."

Recent deals, listings eyed

PrivateBancorp Inc.'s $125 million of 7.125% $25-par subordinated debentures due 2042 continued to trade around $25.50 and Fifth Street Finance Corp.'s $75 million of 5.875% $25-par senior notes due Oct. 30, 2024 were pegged at $24.83 bid.

Both issues priced Thursday.

A market source said Discover Financial Services' 6.5% series B noncumulative perpetual preferreds - a $500 million deal that came Oct. 9 - was among the day's most actively traded issues.

The paper was up 2 cents to $25.37.

Also on that list were General Electric Capital Corp.'s 4.875% $25-par senior notes due 2052. The notes (NYSE: GEB) rose a penny to $25.01.

GE brought the deal Oct. 2, and the securities were admitted to the New York Stock Exchange on Friday.

In new listings, NorthStar Realty Finance Corp.'s 8.875% series C cumulative preferreds - a $125 million issue that priced Oct. 3 - were admitted to the New York Stock Exchange under the ticker symbol "NRFPC."

The issue was trading down 15 cents to $24.80.

Also listed were Pennsylvania Real Estate Investment Trust's $86.25 million of 7.375% series B cumulative redeemable perpetual preferreds, under the ticker "PEIPB."

The paper was moving down 5 cents, trading at $25.15. The deal came Oct. 2.

A trader reported that Affiliated Managers Group Inc.'s $125 million of 5.25% $25-par senior notes due 2022 are expected to list on the NYSE on Tuesday under the symbol "AFM."

The notes were seen at $25.10 at midday. Pricing was Oct. 3.

And, Entertainment Properties Trust's $125 million of 6.625% series F cumulative redeemable perpetual preferred stock is also expected to hit the NYSE Tuesday.

The ticker symbol will be "EPRPF." The company priced the deal Oct. 4.

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