GasLog prices, Banc of California on tap; National General lists; American Realty slips

By Stephanie N. Rotondo

Phoenix, March 30 – The preferred stock market was starting the week off with a firm tone, even as a trader noted that overall activity was a bit muted.

The Wells Fargo Hybrid and Preferred Securities index closed up 13 basis points.

GasLog Ltd. launched – and priced – an offering of series A cumulative redeemable perpetual preference shares.

Price talk was in the 8.75% area, according to a trader. The deal came at talk and was upsized to $100 million from $50 million.

UBS Securities LLC, Morgan Stanley & Co. LLC and Stifel & Co. are the joint bookrunners. Credit Suisse Securities (USA) LLC ran the books.

Banc of California Inc. also announced plans to sell series D noncumulative perpetual preferreds concurrently with an offering of senior notes due 2025.

A trader said he heard the deal would not price until Tuesday.

BofA Merrill Lynch and UBS Securities are the lead bookrunners on the deal. Keefe Bruyette & Woods Inc. is the joint bookrunning manager.

Among recently priced issues, National General Holdings Corp.’s $150 million of 7.5% series B noncumulative preferred stock were admitted to the Nasdaq Global Select Market on Monday, according to a market source.

The deal priced Tuesday. The ticker symbol is “NGHCO.”

Meanwhile, American Realty Capital Properties Inc.’s 6.7% series F cumulative redeemable preferreds (Nasdaq: ARCPP) fell in Monday trading, despite the company reporting a significant revenue increase in the fourth quarter. The preferreds ended the day off a nickel at $23.53.

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