Deals from NGL Energy, Oxford Lane free to trade; Colony NorthStar lists; GSE paper mixed

By Stephanie N. Rotondo

Seattle, June 7 – The preferred stock primary market took a breather on Wednesday, though a trader said he was hearing a real estate investment trust deal could hit the books on Thursday.

As for the deals already priced this week, NGL Energy Partners LP’s $185 million of 9% class B fixed-to-floating rate cumulative redeemable preferred units had freed to trade by mid-morning.

A market source said the units ended the day at $24.94.

The distribution rate will be fixed until July 1, 2022, at which point the rate will float at Libor plus 721.3 basis points.

The units become redeemable on or after July 1, 2022, or upon a change of control, at par plus accrued distributions.

Meanwhile, Oxford Lane Capital Corp.’s $62.5 million of 6.75% series 2024 term preferreds – another deal priced on Tuesday – freed in afternoon trading, according to a market source.

The source saw the paper at $24.65 bid, no offers.

The issue becomes callable on June 30, 2020 at par plus accrued dividends.

In other news, Colony NorthStar Inc.’s $345 million of 7.15% series I cumulative redeemable perpetual preferreds listed on the New York Stock Exchange on Wednesday, as was expected.

The ticker symbol is “CLNSPrI.”

The paper closed the session at $25.10.

Away from new or recent issues, Fannie Mae and Freddie Mac preferreds were on the active side, though the most active issues were mixed on the day.

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