Primary calendar builds up; PS Business comes upsized; Global Medical prices in line

By Stephanie N. Rotondo

Seattle, Sept. 12 – The preferred stock new issue calendar continued to build up on Tuesday, with three new deals getting added to the tape.

That was in addition to the two deals announced on Monday that had not yet priced as of Tuesday’s close.

Of the day’s three newly announced issues, two actually priced.

PS Business Parks Inc. priced $200 million of 5.25% series X cumulative preferreds.

Price talk was 5.25% to 5.375%, according to a market source. The deal was upsized from $100 million.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are running the books.

On the heels of the new issue announcement, the company’s 5.75% series U cumulative preferreds (NYSE: PSBPrU) traded up 7 cents to $25.20.

PS Business plans to use proceeds to pay down a credit facility.

Also in the real estate investment trust space, Global Medical REIT Inc. sold $67.5 million of 7.5% series A cumulative redeemable preferred shares – the company’s first foray into the preferred space.

The deal came in line with talk.

FBR Capital Markets and Janney Montgomery Scott LLC are the joint bookrunners.

And, Great Elm Capital Corp. said it plans to price up to $40.25 million of $25-par notes due 2022, with price talk around 6.5%.

Janney Montgomery Scott, Ladenburg Thalmann & Co. Inc., Oppenheimer & Co. and William Blair & Co. are leading the baby bond offering.

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