Webster Financial sells $150 million preferreds; Cowen, Peapack price; preferreds mixed

By Cristal Cody

Tupelo, Miss., Dec. 5 – Webster Financial Corp. priced $150 million of non-cumulative perpetual preferred shares on Tuesday.

Also in the primary market, Cowen Inc. sold $120 million of $25-par 10-year senior notes.

In addition, Peapack-Gladstone Financial Corp. priced $35 million of 10-year fixed-to-floating rate subordinated notes.

Webster Financial’s preferreds were freed to trade over the counter late afternoon under the temporary symbol “WEBFP.”

On Monday, Vornado Realty Trust priced a $300 million offering of $25-par 5.25% split-rated series M cumulative redeemable perpetual preferred stock.

The preferreds (Baa3/BBB-/BB+) freed to trade over the counter under the temporary symbol “VNNDP” and went out up 2 cents at $24.77. The shares traded up 6 cents to $24.82 at the start of the day.

Preferred stocks ended the session mixed.

The Wells Fargo Hybrid and Preferred Securities index rose 7 basis points.

The U.S. iShares Preferred Stock ETF, which was down 15 bps mid-morning, was unchanged on the day.

In its deal, Webster Financial sold $150 million of 5.25% $25-par series F non-cumulative perpetual preferred stock (Baa3/BB) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.

BofA Merrill Lynch, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were the bookrunners.

The company plans to list the new preferreds on the New York Stock Exchange under the ticker symbol “WBSPrF.”

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