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Midday Commentary: New issues keep coming despite slow week; Fifth Street to price $25-par notes
By Stephanie N. Rotondo
Phoenix, March 27 - Though many desks remained empty on Wednesday, more new issues were entering the preferred stock marketplace.
Fifth Street Finance Corp. said it would offer a minimum of $50 million $25-par senior notes due 2028.
Price talk is 6.125% to 6.25%, a trader said.
The trader noted that he had not seen many markets in the gray but did peg the issue at $24.80.
Meanwhile, DDR Corp.'s recently priced $150 million issue of 6.25% class K cumulative redeemable preferreds was moving up in the midweek session.
A trader quoted the paper at $24.78 bid, $24.82 offered.
The deal priced Monday. Proceeds will be used to call the company's 7.375% class H cumulative redeemable preferreds.
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