Deals from Public Storage, B. Riley Financial price, come upsized; Capitala lists on NYSE

By Stephanie N. Rotondo

Seattle, May 23 – The preferred stock new issue pipeline was starting to flow on Tuesday, as two deals were added to the calendar and later priced.

Public Storage brought a $250 million offering of 5.15% series F cumulative preferred stock.

The deal came upsized from $100 million and tight to the 5.25% price talk.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC ran the books.

Ahead of pricing, a market source said the deal was “wrapped around $24.90” in the gray market.

Earlier in the day, a trader said the paper was quoted at $24.85 bid, $24.90 offered.

The new securities will be listed on the New York Stock Exchange under the ticker symbol “PSAPrF.”

Proceeds will be used to make investments in self-storage facilities and in entities that own self-storage facilities, for the development of self-storage facilities and for general corporate purposes.

Meanwhile, B. Riley Financial Inc. priced a $52.5 million sale of 7.5% $25-par senior notes due 2027.

A source noted that the size more than doubled from previous expectations of $25 million.

Price talk was 7.5%.

FBR Capital Markets, B. Riley, Wunderlich Securities Inc. and Incapital LLC were the bookrunners.

As for recently priced deals, Capitala Finance Corp.’s $70 million of 6% $25-par notes due 2022 listed on the Nasdaq Global Select Market on Tuesday, a market source reported.

The ticker symbol is “CPTAL.”

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