MB Financial prices $200 million preferred shares; preferreds mixed; Ashford softens

By Cristal Cody

Tupelo, Miss., Nov. 15 – MB Financial, Inc. sold $200 million of 6% series C non-cumulative perpetual preferred stock in the primary market on Wednesday.

The preferreds priced tighter than talk, which was in the 6.125% area.

BofA Merrill Lynch and UBS Securities LLC were the lead bookrunners. J.P. Morgan Securities LLC and Sandler O'Neill + Partners, LP were joint bookrunners.

Deal volume in the preferred market has been steady over the week with offerings from issuers including Ladenburg Thalmann Financial Services Inc.

In upcoming issuance, NuStar Energy LP plans to price series C fixed-to-floating rate cumulative redeemable perpetual preferred units.

Preferred stocks overall were mixed, with the market softer during the session, sources report.

The Wells Fargo Hybrid and Preferred Securities index ended down 3 basis points.

The U.S. iShares Preferred Stock ETF headed out up 3 bps.

Ashford Hospitality Trust Inc.’s 7.5% series I perpetual cumulative preferred stock closed 10 cents weaker at $24.52 under the temporary symbol “ASHFP” in pink sheets trading.

The trust sold $135 million, or 5.4 million shares, of the preferred stock on Nov. 8.

The Dallas-based real estate investment trust plans to list the preferreds on the New York Stock Exchange under the ticker symbol “AHTPrI.”

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