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Morning Commentary: Teekay Offshore, Saul Centers to price; AmTrust’s decline continues
By Abigail W. Adams
Portland, Me., Jan. 16 – The primary market was active Tuesday morning with Teekay Offshore Partners LP and Saul Centers, Inc. set to price new preferred offerings.
Teekay plans to price $25-par series E fixed-to-floating rate cumulative redeemable perpetual preferred units.
The units will have a fixed rate until Feb. 15, 2025 and will then switch to a floating rate equal to Libor plus a to-be-determined spread, according to the deal’s preliminary prospectus.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, UBS Investment Bank and Stifel, Nicolaus & Co. Inc. are joint bookrunners for the offering, which carries a greenshoe.
Saul Centers announced plans to price an offering of series D cumulative redeemable preferred stock, which will be sold as $25-par depositary shares representing 1/100th of a share of the series D preferred stock, according to the preliminary prospectus.
Proceeds from the new offering will be used to redeem the Bethesda, Md.-based real estate investment trust’s 6.875% series C preferred stock, which has $180 million outstanding.
In the secondary market, AmTrust Financial Services Inc.’s series A-F preferred stock continued to nosedive in the wake of a buyout proposal announced last week.
AmTrust’s 6.75% series A preferred stock was down $2.72, or 14.07%, to $16.61 early in Tuesday’s session.
AmTrust’s 7.25% series B preferred stock was down $2.93, or 13.97%, to $18.02.
AmTrust’s 7.625% series C preferred stock was down $2.71, or 12.75%, to $18.55.
AmTrust’s 7.5% series D preferred stock was down $2.81, or 13.34%, to $18.26.
AmTrust’s 7.75% series E preferred stock was down $2.21, or 10.22%, to $19.44.
AmTrust’s 6.95% series F preferred stock was down $2.64, or 13.41%, to $17.03.
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