| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dominion Resources Inc. > News item |
Morning Commentary: Dominion Resources selling $25-par notes; Bluerock prices; Stifel trades higher
By Stephanie N. Rotondo
Seattle, July 12 – As the preferred stock market continued to see modest gains, the new issue calendar expanded.
Dominion Resources Inc. announced plans to sell at least $250 million of 2016 series A $25-par junior enhanced subordinated notes due 2076 on Tuesday.
Price talk is 5.375% to 5.5%.
The deal is coming via BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC.
A trader said the new notes were in a $24.95 bid, par offered context in the early gray market.
Meanwhile, Bluerock Residential Growth REIT Inc. officially priced its offering of series C cumulative redeemable preferreds, a deal first announced on Monday. The company sold $50 million of the preferreds at par to yield 7.625%.
Price talk was initially in the 7.75% area before it was revised to 7.625%.
A trader said he had not seen any markets for the paper, though he said there was a $25 bid in the Street, no offers.
The trader also said that the issue would free to trade later in the day.
Janney Montgomery Scott LLC, D.A. Davidson & Co. and FBR Capital Markets ran the books.
Stifel Financial Corp.’s $150 million of 6.25% series A noncumulative perpetual preferreds – a deal priced Monday – were pegged at $25.35 bid, $25.50 offered.
That issue had also not yet freed from the syndicate, the trader said.
Keefe Bruyette & Woods Inc., BofA Merrill Lynch and Morgan Stanley were the joint bookrunners.
Overall, the market continued to have a positive tone to it. The Wells Fargo Hybrid and Preferred Securities index was up 8 basis points at mid-morning.
© 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.