Midday Commentary: PS Business planning new issue; FirstMerit lists; GMX Resources dives

By Stephanie N. Rotondo

Phoenix, March 5 - On the heels of Public Storage's new deal priced on Monday, PS Business Parks Inc. - a fellow real estate investment trust - announced an offering of series V cumulative preferreds.

A trader said he had not seen any real details on the new issue, aside from the fact that at least $75 million of the preferreds are expected to be sold.

He saw the preferreds at less 20 bid in the gray market at midday.

For its part, Public Storage's $200 million of 5.2% series X cumulative preferreds were quoted at $24.80 bid, $24.85 offered. A trader said the issue had yet to free from the syndicate.

Public Storage holds a "significant" stake in PS Business Parks, according to a regulatory filing.

FirstMerit Corp.'s 5.875% series A noncumulative preferred stock - a $200 million issue that priced Jan. 28 - listed on the New York Stock Exchange on Tuesday under the ticker symbol "FMCP."

The preferreds were up 18 cents at $24.93.

In the secondary, PartnerRe Ltd.'s 6.75% series C cumulative redeemable preferreds (NYSE: PREPC) were trading quite busily ahead of a March 18 call.

The issue was up a penny at midday at $25.07.

Also, GMX Resources Inc.'s 9.25% series B cumulative preferreds (NYSE: GMXR-P) were losing big, just one day after the company said it was skipping an interest payment on its senior secured second-priority notes due 2018.

The preferreds were off by $2.21, or 32.94%, as of midday, trading at $4.50.

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