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Morning Commentary: NGL Energy, Oxford Lane deals add to calendar; DDR lists; Colony firms
By Stephanie N. Rotondo
Seattle, June 6 – The preferred stock primary market was seeing some action early Tuesday as NGL Energy Partners LP added a deal to the calendar.
NGL’s deal came on the heels of another new issue from Oxford Lane Capital Corp., which was announced late Monday.
For its part, NGL said it was offering $50 million of class B fixed-to-floating rate cumulative redeemable preferred units.
Price talk on the issue is 9%, a market source reported.
A trader saw the units at $24.65 bid in the gray market.
UBS Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets are running the books.
Meanwhile, Oxford Lane’s proposed offering of series 2024 term preferreds was pegged at $24.75 offered in the gray market.
The investment company announced the deal after the close on Monday. Price talk is 6.75%.
The underwritten public offering is being led by Ladenburg Thalmann & Co. Inc.
Among recently priced deals, DDR Corp.’s $175 million of 6.375% class A cumulative redeemable preferred stock began trading on the New York Stock Exchange on Tuesday under the ticker symbol “DDRPrA.”
The paper was at $25.37 at mid-morning, up 12 cents.
The deal priced May 30, coming upsized from $100 million and tight to the 6.5% price talk.
Meanwhile, Colony NorthStar Inc.’s $345 million of 7.15% series I cumulative redeemable perpetual preferreds are expected to hit the NYSE on Wednesday, a market source reported.
The trading symbol will be “CLNSPrI.” Currently, the issue has a temporary ticker, “CLNYP.”
The preferreds were trading at $25.02 in early dealings, up 3 cents.
The issue priced on May 30.
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