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Prospect News home > News index > List of issuers D > Headlines for DTE Energy Co. > News item
Published on 9/27/2012 in the Prospect News Preferred Stock Daily.

Midday Commentary: CBL & Associates heralds preferred sale; DTE, Gabelli well over par

By Stephanie N. Rotondo

Phoenix, Sept. 27 - After taking a day off on Wednesday, the new issue preferred stock market began kicking out deals again on Thursday.

CBL & Associates Properties Inc. announced plans to sell a minimum of $100 million series E cumulative redeemable preferreds.

Price talk is 6.625% to 6.75%, according to a trader. Pricing should come later Thursday or Friday.

A trader quoted the issue at $24.65 bid, $24.70 offered in the gray market at midday.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Chattanooga, Tenn.-based real estate investment trust CBL will apply to list the preferred stock on the New York Stock Exchange under the ticker symbol "CBLPE."

Proceeds will be used to redeem the company's series C preferreds and for general corporate purposes.

Meanwhile, both DTE Energy Co.'s new $200 million of 5.25% $25-par 2012 series C junior subordinated debentures due 2062 and the Gabelli Equity Trust Inc.'s $105 million of 5% series H cumulative preferreds were seen around $25.20.

In new listings, Aflac Inc.'s $450 million 5.5% $25-par subordinated debentures due 2052 were admitted to the New York Stock Exchange Thursday.

The deal priced Sept. 20. The trading symbol is "AFSD."

The issue was trading at $24.87 at midday, versus opening levels of $24.90.

Torchmark Corp.'s $125 million of 5.875% junior subordinated debentures due 2052 also listed on the NYSE, under the ticker "TMKPB."

That deal came Sept. 17. The paper was at $25.41 as of midafternoon versus $25.50 at the open.


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