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Morning Commentary: Price talk on Global Net Lease at 6.875%; Carlyle units talked at 6%
By Cristal Cody
Tupelo, Miss., Sept. 6 – Preferred stock issuance is cranking up with two new deals announced early Wednesday.
Global Net Lease, Inc. plans to price an offering of series A cumulative redeemable preferred stock.
Price talk on the preferreds was 6.875%, a source said.
BMO Capital Markets Corp. and Stifel, Nicolaus & Co., Inc. are the bookrunners.
The New York City-based real estate investment trust has applied to list the shares on the New York Stock Exchange under the symbol “GNLPrA.”
In other action, the Carlyle Group’s offering of series A preferred units was talked to price at 6%, according to a market source.
Morgan Stanley & Co., LLC, BofA Merrill Lynch, UBS Investment Bank, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are the bookrunners.
The Washington, D.C.-based investment firm plans to apply to list the preferred units on the Nasdaq under the symbol “TCGP.”
The U.S. iShares Preferred Stock ETF (NYSE: PFF) opened the session up 2 cents, or 0.05%, at $38.84.
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