| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Monmouth Real Estate Investment Corp. > News item |
Morning Commentary: Compass Diversified to price preferred stock; Monmouth REIT active
By Abigail W. Adams
Portland, Me., March 6 – The primary market in the preferreds space has been active with the pricing of a baby bond deal after the market close Monday and the launching of a new preferred stock offering prior to the market open Tuesday.
Compass Diversified Holdings has launched an offering of $25-par perpetual series B fixed-to-floating rate cumulative preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC, J.P. Morgan Securities LLC, Janney Montgomery Scott LLC and William Blair & Co. LLC are the bookrunners for the offering.
The series B preferred stock will have a fixed dividend until a specified date in 2028 when it will switch to a floating rate of Libor plus a to-be-determined credit spread.
The offering is the first new preferred stock deal of March. CMS Energy Corp. priced the first baby bond deal of the month after the market close Monday.
CMS Energy priced $200 million of 5.625% $25-par junior subordinated notes (Baa2/BBB-/BB+) due March 15, 2078, according to an FWP filed with the SEC.
BofA Merrill Lynch, RBC Capital Markets Corp. and Wells Fargo Securities LLC are the bookrunners.
Trading volume was light in the preferreds space early in Tuesday’s session with the usual high-volume trading names relatively quiet.
Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferred stock saw some high-volume trading early in Tuesday’s session. The series C preferred stock traded down to $24.45, a decrease of 5 cents, or 0.20%.
© 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.