TriState on tap; Apollo Global frees to trade; RAIT Financial preferreds 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 on Tuesday.

TriState Capital Holdings, Inc. launched a $35 million offering of 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.

While a new deal is in the works, Apollo Global Management LLC’s recently priced 6.375% $25-par perpetual preferred shares freed for OTC market business under the ticker “APGGP.” While initially trading above their issue price, the preferred shares closed Tuesday below it.

In longstanding issuances, RAIT Financial Trust’s preferred stock soared in high-volume trading after the company announced it would pay first-quarter dividends to holders of record on March 23.

In its deal, TriState Capital Holdings plans to price a $35 million offering of fixed-to-floating rate preferred stock.

The preferred stock will be sold as $25-par depositary shares representing 1/40th of an interest in the series A preferred stock.

Sandler O’Neill + Partners, LP is the bookrunner for the offering, which carries a greenshoe of $5.25 million.

The depositary shares will be listed for trade on Nasdaq. The Pittsburgh-based bank will use the proceeds for general corporate purposes and selective asset management acquisitions.

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