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Morning Commentary: Maiden Holdings plans new issue; NGL units slip; Oxford Lane on the rise
By Stephanie N. Rotondo
Seattle, June 8 – The preferred stock market was treated to another new deal entering the space early Thursday, as Maiden Holdings Ltd. announced a $100 million offering of series D noncumulative preference shares.
Price talk is in the 6.75% area, according to a market source.
However, a trader said he wasn’t seeing any gray markets in the wake of the announcement.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC are running the books.
The Hamilton, Bermuda-based reinsurance company intends to use the proceeds, in part, to repay the 8% $25-par notes due 2042 linked to Maiden Holdings North America Ltd. (NYSE: MHNB).
Those notes were up 3 cents in early dealings, trading at par.
Among already priced deals, NGL Energy Partners LP’s $185 million of 9% class B fixed-to-floating rate cumulative redeemable preferreds units were seen at $24.90 at mid-morning.
That compared to $24.94 at Wednesday’s close.
The deal came Tuesday, in line with price talk but upsized from $50 million. It freed from the syndicate early Wednesday.
UBS, Morgan Stanley and RBC Capital Markets were the joint bookrunners.
Meanwhile, Oxford Lane Capital Corp.’s $62.5 million of 6.75% series 2024 term preferreds – another deal priced on Tuesday – were quoted at $24.75 bid, $24.80 offered.
That was up from a $24.65 bid seen previously.
Like NGL, Oxford Lane freed to trade on Wednesday.
Ladenburg Thalmann & Co. Inc. is the lead manager. BB&T Capital Markets and William Blair & Co. are the joint bookrunners. National Securities Corp. is the co-manager.
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