Ladenburg Thalmann prices; NuStar Energy plans deal; preferreds mixed; Ashford improves

By Cristal Cody

Tupelo, Miss., Nov. 14 – Ladenburg Thalmann Financial Services Inc. tapped the preferred stock primary market on Tuesday with an upsized $72.5 million issue of $25-par notes.

In addition, NuStar Energy LP announced plans to price series C fixed-to-floating rate cumulative redeemable perpetual preferred units.

Preferred stocks in the broader market ended the session mixed.

The Wells Fargo Hybrid and Preferred Securities index climbed 6 basis points.

The U.S. iShares Preferred Stock ETF closed off 13 bps.

In trading over the day, Ashford Hospitality Trust Inc.’s 7.5% series I perpetual cumulative preferred stock gained 2 cents to close at $24.62. The preferreds, trading in the pink sheets under the temporary symbol “ASHFP,” were seen 5 cents weaker early in the day.

The trust sold $135 million, or 5.4 million shares, of the preferred stock on Wednesday.

The Dallas-based real estate investment trust plans to list the preferreds on the New York Stock Exchange under the ticker symbol “AHTPrI.”

Rexford Industrial Realty, Inc.’s 5.875% series B cumulative redeemable preferred shares recovered modestly over the day but closed down 5 cents to $25.00.

The preferreds were down 10 cents in mid-morning over-the-counter trading.

The company sold $75 million, or 3 million shares, of the series B preferred stock on Nov. 6.

The Los Angeles-based real estate investment trust plans to list the preferreds on the NYSE under the ticker symbol “REXRPrB.”

Ladenburg Thalmann prices

Ladenburg Thalmann Financial Services priced $72.5 million of 6.5% $25-par senior notes (Egan-Jones: A-) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The deal was upsized from an initially expected $40 million offering.

Ladenburg Thalmann & Co. Inc. was the bookrunner.

The issuer will apply to list the notes on the NYSE.

Proceeds will be used for general corporate purposes.

Ladenburg is a Miami-based financial services company.

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