Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2014 > News item |
Midday Commentary: Preferreds falter in early trade; RAIT Financial selling $25-par 10-year notes
By Stephanie N. Rotondo
Phoenix, April 7 - Preferred stocks were following the straight equity market down in early Monday trading.
The Wells Fargo Hybrid and Preferred Securities index was off 4 basis points as of mid-morning.
Despite the weak tone, RAIT Financial Trust was said to be shopping a new deal. The Philadelphia-based real estate investment trust said in a regulatory filing Monday that it was offering $25-par senior notes due 2024.
A trader said he was seeing a gray market quote of less 40 cents bid, less 35 cents offered.
Price talk on the deal is 7.5% to 7.75%, the trader noted.
Barclays, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Keefe, Bruyette & Woods are the joint bookrunning managers. Senior managers are Ladenburg Thalmann & Co. Inc. and William Blair & Co.
Co-managers include Compass Point, Drexel Hamilton and MLV & Co. LLC.
The company intends to use the proceeds for working capital and general trust purposes.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.