Morning Commentary: Summit Hotel offers series E preferreds; Summit’s existing preferreds mixed

By Cristal Cody

Tupelo, Miss., Nov. 2 – Summit Hotel Properties, Inc. announced early Thursday plans to price an offering of series E five-year non-callable perpetual cumulative redeemable preferred stock.

The company plans to apply to list the preferreds on the New York Stock Exchange under the symbol “INNPrE”.

In trading early Thursday, Summit Hotel Properties’ existing preferreds were flat to modestly weaker.

The company’s 7.875% series B cumulative redeemable preferreds (NYSE: INNPrB) fell 12 cents, or 0.47%, to $25.60.

Summit Hotel Properties’ 6.45% series D cumulative redeemable preferreds (NYSE: INNPrD) were down 8 cents, or 0.31%, to $25.52.

The 7.125% series C cumulative redeemable preferreds (NYSE: INNPrC) were flat at $25.62.

In other primary activity, Fortress Biotech, Inc. announced plans on Wednesday to price 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.

Preferreds were mixed at the start of Thursday’s session.

The Wells Fargo Hybrid and Preferred Securities index was flat.

The U.S. iShares Preferred Stock ETF fell 2 basis points.

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