Rexford Realty prices perpetual preferreds; Summit Midstream offers units; AT&T gains

By Cristal Cody

Tupelo, Miss., Nov. 6 – Preferreds ended mostly flat to slightly softer on Monday.

The Wells Fargo Hybrid and Preferred Securities index closed off less than ½ of a basis point.

The U.S. iShares Preferred Stock ETF also ended down less than ½ bp.

During the session, Rexford Industrial Realty, Inc. priced $75 million of 5.875% cumulative redeemable preferred shares.

The company plans to list the preferreds on the New York Stock Exchange under the ticker symbol “REXR Pr B.”

The preferreds were freed to trade late afternoon on Monday in over the counter trading under the temporary symbol “RXXFP.”

In other primary action, Summit Midstream Partners, LP announced on Monday that it is offering series A fixed-to-floating cumulative redeemable perpetual preferred units. BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the bookrunners.

Looking at trading during the session, AT&T Inc.’s $1.15 billion of 5.35% $25.00-par global notes due Nov. 1, 2066 (NYSE: TBB) closed up 3 cents, or 0.12%, to $25.25.

On Friday, the notes traded at $25.25 bid, $25.35 offered, a source said.

The Dallas-based telecommunications company sold the notes on Oct. 25. The issue was initially talked to price in the 5.375% to 5.5% area.

The deal includes an over-allotment option of up to $172.5 million.

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