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Morning Commentary: LaSalle Hotel prices preferreds; W.R. Berkley selling $25-par notes
By Stephanie N. Rotondo
Seattle, May 18 – The preferred stock new issue pipeline continued to push out deals during the midweek session.
LaSalle Hotel Properties said it had priced a $150 million offering of 6.3% series J cumulative redeemable preferreds. The deal was first announced on Monday with price talk between 6.375% and 6.5%.
A trader said the issue was trading at $24.95 bid, par offered.
Wells Fargo Securities LLC and BofA Merrill Lynch ran the books.
Meanwhile, W.R. Berkley Corp. announced plans to sell at least $100 million of $25-par subordinated debentures due 2056.
Price talk on that issue was around 6%.
“They will probably back that off to around 5.9%, which is where the Cs are trading,” a trader said, referring to the $110 million of 5.9% $25-par subordinated debentures due 2056 (NYSE: WRBPC) that the Greenwich, Conn.-based insurance company sold on Feb. 23.
The new deal was seen at $24.95 bid, par offered in the early gray market, according to the trader. As for the 5.9% notes, they were trading down 28 cents, or 1.09%, at $25.50 at midday.
Away from coming issues, a slew of recently priced deals began trading on the New York Stock Exchange on Wednesday.
They included Public Storage’s $200 million of 5.125% series C cumulative preferred stock, DuPont Fabros Technology Inc.’s $175 million of 6.625% series C cumulative redeemable perpetual preferred stock – both from May 10 business – and GATX Corp.’s $150 million of 5.625% $25-par senior notes due May 30, 2066, a deal from May 9.
Public Storage’s preferreds (NYSE: PSAPC) were trading at $24.95 upon listing, while DuPont Fabros’ preferreds (NYSE: DFTPC) were pegged at $25.20.
The GATX notes (NYSE: GMTA) were at $24.80.
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