Preferreds mixed; Fortress Biotech offers perpetual preferreds; Plymouth Industrial dips

By Cristal Cody

Tupelo, Miss., Nov. 1 – Preferred stocks closed the day mixed on Wednesday.

The Wells Fargo Hybrid and Preferred Securities index rose 3 basis points. The index was seen up 6 bps over the morning.

The U.S. iShares Preferred Stock ETF was off less than 1 bp at the start of the session and closed down 5 bps.

In deal action, Fortress Biotech, Inc. announced plans earlier in the day for an offering of series A cumulative redeemable perpetual preferred stock.

The New York-based biopharmaceutical company is offering the preferreds via bookrunners FBR, National Securities Corp. and H.C. Wainwright & Co.

There is a 30-day over-allotment option. The liquidation preference is $25.00.

Fortress, a New York-based biopharmaceutical company, will apply to list the preferreds on the New York Stock Exchange under the symbol “FBIOP.”

In new issue trading over the session, Plymouth Industrial REIT, Inc.’s 7.5% series A cumulative redeemable perpetual preferreds fell 1 cent, or 0.03%, to $24.49.

The Boston-based real estate investment company sold $45 million, or 1.8 million shares, of the preferreds (AMEX: PLYMPrA) on Oct. 18. The offering closed on Oct. 25. The preferreds have a liquidation preference of $25.00 per share.

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