NGL Energy prices upsized deal in line with talk; Oxford Lane sells term preferreds

By Stephanie N. Rotondo

Seattle, June 6 – The preferred stock primary market got a piece of the action on Tuesday, as two new deals priced.

NGL Energy Partners LP brought $185 million of 9% class B fixed-to-floating rate cumulative redeemable preferreds units. The deal came in line with price talk but was increased from an expected $50 million.

NGL’s deal came alongside another new issue from Oxford Lane Capital Corp., which was announced late Monday.

Oxford sold $62.5 million of 6.75% series 2024 term preferred stock. Like NGL, the deal came in line with price talk.

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 finished the session at $25.45, which compared to opening levels of $25.28.

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 ended at $25.05, a gain of 6 cents on the day.

The issue priced on May 30.

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