Colony NorthStar comes upsized; Urstadt prices at tight end of talk; PS Business frees

By Stephanie N. Rotondo

Seattle, Sept. 13 – The preferred stock market’s new issue calendar continued to build up on Wednesday, as two real estate investment trusts were added.

Colony NorthStar Inc. sold $275 million of 7.125% series J cumulative redeemable preferreds.

The deal came upsized from $100 million and in line with the 7.125% price talk.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and RBC Capital Markets LLC are the joint bookrunners.

The company intends to use proceeds from the deal to redeem some or all of its 8.25% series B cumulative redeemable preferreds (NYSE: CLNSPrB) and its 8.875% series C cumulative redeemable preferreds (NYSE: CLNSPrC).

Meanwhile, Urstadt Biddle Properties Inc. brought a $100 million sale of 6.25% series H cumulative redeemable preferred stock.

Price talk was 6.25% to 6.375%.

BMO Capital Markets Corp. and Wells Fargo Securities LLC are running the books.

Like Colony, Urstadt plans to use proceeds to redeem another outstanding preferred issue, the 7.125% series F cumulative redeemable preferred stock (NYSE: UBPPrF).

As for deals from Tuesday’s business, PS Business Parks Inc.’s $200 million of 5.25% series X cumulative preferreds freed to trade in early dealings, getting a temporary ticker of “PSBBP.”

The preferreds ended the day at $24.79, up 9 cents. About 5.18 million of the preferreds changed hands.

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