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Morning Commentary: Colony NorthStar remains active; Carlyle Group’s preferred units hit Nasdaq
By Stephanie N. Rotondo
Seattle, Sept. 15 – As the preferred stock market looked to finish out the week strong, Colony NorthStar Inc.’s $275 million of 7.125% series J cumulative redeemable preferreds continued to be actively traded.
However, the issue was holding steady at $24.80. Still, it was the top trader as of mid-morning, with over 317,000 shares being exchanged.
The deal priced Wednesday and freed to trade on Thursday. Its temporary ticker symbol is “CNYYP.”
BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and RBC Capital Markets LLC were the joint bookrunners.
The company intends to use proceeds from the deal to redeem some or all of its 8.25% series B cumulative redeemable preferreds (NYSE: CLNSPrB) and its 8.875% series C cumulative redeemable preferreds (NYSE: CLNSPrC).
As for other recent issues, the Carlyle Group’s $400 million of 5.875% series A perpetual preferred units listed on the Nasdaq Global Select Market on Friday.
The ticker symbol is “TCGP.”
The paper was at $25.00 in early dealings, off 4 cents.
The units offering priced Sept. 6, coming tighter than talk in the 6% area.
Morgan Stanley, BofA Merrill Lynch, UBS Securities, Wells Fargo Securities LLC and JPMorgan were the bookrunners.
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