Maiden Holdings’ issue frees to trade; NGL dips, Oxford Lane gains; First Republic lists

By Stephanie N. Rotondo

Seattle, June 9 – New and recently priced preferred stock issues continued to be eyed in Friday trading.

Market sources reported that Maiden Holdings Ltd.’s $150 million of 6.7% series D noncumulative preference shares – a deal priced Thursday – had freed to trade early in the day.

The paper was also given a temporary ticker symbol, “MDNHF.”

The preference shares ended the session at $24.91, down from $24.92 at the open.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC ran the books.

Meanwhile, NGL Energy Partners LP’s $185 million of 9% class B fixed-to-floating rate cumulative redeemable preferred units were modestly better early on but eventually closed 4 cents lighter at $24.87.

The deal came Tuesday in line with price talk but upsized from $50 million. It freed from the syndicate early Wednesday.

The issue has a temporary trading symbol, “NGGLP.”

UBS, Morgan Stanley and RBC Capital Markets were the joint bookrunners.

And, Oxford Lane Capital Corp.’s $62.5 million of 6.75% series 2024 term preferreds – another deal priced on Tuesday – were seen at $25.10 at the close, a gain of 15 cents.

Another source called the issue up 9 cents at $25.04.

In new listings, First Republic Bank’s $200 million of 5.125% series H noncumulative perpetual preferred stock began trading on the New York Stock Exchange on Friday.

The ticker symbol is “FRCPrH.”

The preferreds closed at $25.13, down from $25.15 at the open.

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