Maiden Holdings comes upsized, tight to talk; NGL Energy, Oxford get temporary symbols

By Stephanie N. Rotondo

Seattle, June 8 – The preferred stock market was treated to another new deal entering the space on Thursday, as Maiden Holdings Ltd. priced an upsized $150 million offering of 6.7% series D noncumulative preference shares.

The yield came tight to the 6.75% price talk, and the deal was increased from a planned $100 million.

Ahead of pricing, there were few gray markets available, a trader said.

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, trading at par.

Among already priced deals, NGL Energy Partners LP’s $185 million of 9% class B fixed-to-floating rate cumulative redeemable preferred units were seen at $24.91 at the close. That was down 7 cents from the previous day but up a penny from the open.

The issue was assigned a temporary trading symbol, “NGGLP.”

Meanwhile, Oxford Lane Capital Corp.’s $62.5 million of 6.75% series 2024 term preferreds – another deal priced on Tuesday – finished at $24.95, up a nickel on the day.

In earlier dealings, the preferreds were quoted at $24.75 bid, $24.80 offered.

Like NGL, Oxford Lane freed to trade on Wednesday and was given a temporary ticker on Thursday. The symbol is “OXXDP.”

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