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Morning Commentary: TriState on tap; Apollo Global frees to trade; RAIT Financial up on dividend
By Abigail W. Adams
Portland, Me., March 13 – The primary market remains active in the preferreds space with a new deal launched prior to the market open.
TriState Capital Holdings, Inc. has launched an offering of $35 million perpetual fixed-to-floating rate series A non-cumulative preferred stock, which is expected to price later in the week, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
The preferred stock will be sold as $25-par depositary shares representing 1/40th of an interest in the series A preferred stock.
The depositary shares will be listed for trade on Nasdaq. The Pittsburgh-based bank for middle market companies and commercial real estate entities will use the proceeds for general corporate purposes and selective asset management acquisitions.
Apollo Global Management LLC’s recently priced 6.375% $25-par perpetual preferred shares freed for OTC market business under the ticker “APGGP.”
The 6.375% preferred shares, which priced after the market close on Monday, were trading above their issue price early in Tuesday’s session. The preferred shares were seen trading at $25.02.
RAIT Financial Trust preferred stock soared in high-volume trading after the company announced it would pay first-quarter dividends to holders of record on March 23.
RAIT Financial’s 7.75% series A cumulative redeemable preferred shares were up to $10.73, an increase of $3.22 or 44.78%, early in Tuesday’s session.
The company’s 8.375% series B cumulative redeemable preferred shares were up to $10.79, an increase of $3.27 or 43.43%, early Tuesday.
The company’s 8.875% series C redeemable preferred shares were up to $11.00, an increase of $3.48 or 46.28%.
The company announced a dividend of about 48 cents on the series A preferreds, a dividend of about 52 cents on the series B preferreds and a dividend of about 55 cents on the series C preferreds.
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