Ashford Hospitality deal upsizes; Medley add-on on tap; National Retail, Eagle Point list

By Stephanie N. Rotondo

Seattle, Oct. 13 – After spending the week trending lower – including in early Thursday trading – the preferred stock market managed to gain some traction by the end of the day.

The Wells Fargo Hybrid and Preferred Securities index finished the day up 8 basis points. The index was down 29 bps at mid-morning.

Despite the volatility, Ashford Hospitality Trust Inc. tapped the market for $150 million of series G cumulative preferreds at par to yield 7.375%, in line with talk.

Morgan Stanley & Co. LLC and UBS Securities LLC ran the books.

Medley LLC also brought a deal, of sorts. The New York-based asset management firm said it planned to sell $25 million more of its 6.875% $25-par unsecured notes due 2026.

“It’s weird they way they are doing it,” a trader said, hearing the company planned to issue the add-on at $24.60 apiece.

Medley originally priced $25 million of the notes on Aug. 4.

Meanwhile, National Retail Properties Inc.’s $345 million of 5.2% series F cumulative redeemable preferred stock listed on the New York Stock Exchange on Thursday under the ticker “NNNPF.”

The paper was trading at $24.82 at the bell, which compared to $24.70 at the open.

Eagle Point Credit Co. Inc.’s $30 million of 7.75% series B term preferred stock due 2026 also hit the NYSE on Thursday under the symbol “ECCB.”

That issue – which priced Oct. 5 – closed at $25.54. The paper opened at $25.30.

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