Midday Commentary: Tortoise Energy, Summit Hotel announce week's first new deals

By Stephanie N. Rotondo

Phoenix, Dec. 3 - Two new offerings kicked off in the preferred stock market Monday.

Tortoise Energy Infrastructure Corp. announced an offering of $10-par series B mandatory redeemable preferred stock.

The shares are mandatorily redeemable on Dec. 31, 2027.

A trader said he had yet to see any details on the deal, though he did see a less 5 cent bid for paper in the gray market.

Summit Hotel Properties Inc. also said it was planning a deal, selling series B cumulative redeemable perpetual preferreds.

As was the case with the Tortoise new issue, a trader said there were not many details yet available for the Summit transaction.

Meanwhile, Comcast Corp.'s 250 million of 5% senior notes due 2061 freed from the syndicate early Monday.

The deal priced Thursday.

A trader said the preferreds were trading at $24.80 as of midday.

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