Midday Commentary: Planned Spirit Realty tranches up slightly in gray; Banc of California launches

By Rebecca Melvin

New York, May 14 - Spirit Realty Capital Inc.'s planned $350 million of five-year notes were seen in the gray market ahead of final pricing at plus 0.5 point bid, and the planned $200 million of seven-year notes were seen slightly higher at plus 0.5 point to plus 0.75 point bid, according to a New York-based trader early Wednesday.

No trades were heard in the gray. The combined $550 million of convertibles were seen pricing after the market close.

The five-year notes were being talked at a 2.875% to 3.375% coupon, and the seven-year tranche was being talked at a 3.75% to 4.25% coupon. Both were being talked with a 17.5% to 22.5% premium.

Spirit Realty also plans to price 23 million shares of common stock.

Also Wednesday, Banc of California Inc. launched an offering of $50 million of tangible equity units that will have two-day marketing. The securities were talked with a coupon of 8% to 8.5% and a premium of 12.5% to 17.5%.

The bank also plans to price $50 million of common shares.

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