Oaktree sells preferreds; Monmouth enters at-the-market agreement; Energy Transfer up

By James McCandless

San Antonio, Aug. 2 – The preferred market remained fixed on newer issues as the primary market became active.

Oaktree Capital Group, LLC priced $235 million of $25-par 6.55% series B preferred units.

There is a $32.25 million greenshoe.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC, Wells Fargo Securities LLC and RBC Capital Markets, LLC are the joint bookrunners.

Monmouth Real Estate Investment Corp. entered into an at-the-market offering for $125 million of its 6.125% series C cumulative redeemable preferred stock.

Energy Transfer Partners, LP’s recent 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units and its existing 7.375% series C preferred units rose.

The series D preferreds (NYSE: ETPPrD) were up 47 cents to close at $25.84 on volume of about 1.6 million shares.

The series C preferreds (NYSE: ETPPrC) were up 40 cents to close at $25.45 with about 833,000 shares trading.

Bank of America Corp.’s recent 5.875% series HH non-cumulative perpetual preferred stock gained.

The preferreds (NYSE: BACPrK) were up 6 cents to close at $25.25 with about 629,000 shares exchanged.

KeyCorp’s new $425 million of 5.65% series F fixed-rate perpetual non-cumulative preferred stock trended lower.

The preferreds (NYSE: KEYPrJ) were down 1 cent to close at $24.67 on volume of about 373,000 shares.

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