Global Net Lease, TCF Financial tap market; Pennsylvania REIT on deck; Carlyle frees

By Stephanie N. Rotondo

Seattle, Sept. 7 – The deals continued to slowly flow into the preferred stock market on Thursday.

Global Net Lease Inc. priced its first preferred issue ahead of the open, a $100 million offering of 7.25% series A cumulative redeemable preferred stock.

BMO Capital Markets Corp. and Stifel Nicolaus & Co. Inc. ran the books.

There is a $15 million over-allotment option.

The preferreds will be redeemable on or after Sept. 12, 2022 at par plus accrued dividends.

TCF Financial Corp. also brought a deal, a $175 million sale of 5.7% series C noncumulative preferreds.

Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners.

The issue becomes redeemable on Dec. 1, 2022 at par plus accrued dividends.

Meanwhile, Pennsylvania Real Estate Investment Trust also announced a deal on Thursday, though pricing details were not available as of 6:15 p.m. ET.

The Philadelphia-based real estate investment trust plans to offer series D cumulative redeemable perpetual preferred stock.

Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies LLC, JPMorgan and Stifel are the joint bookrunners.

The preferreds become redeemable in September 2022 at par plus accrued dividends.

Separately, the Carlyle Group’s $400 million of 5.875% series A perpetual preferred units topped the day’s trading volume, with over 2 million of the units being exchanged.

The issue freed to trade around midday. Its temporary ticker symbol is “CGGGP.”

The paper closed at par.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.