Federal Realty prices upsized issue; Investors Real Estate on deck; Georgia Power lists

By Stephanie N. Rotondo

Seattle, Sept. 25 – The preferred stock market had two new deals added to the calendar on Monday, one of which priced shortly after the bell.

Both deals were from real estate investment trusts. A trader said neither issue had many gray markets in mid-morning trading.

First up, Federal Realty Investment Trust brought $150 million of 5% series S cumulative redeemable preferred stock.

The issue priced tighter than the 5.125% price talk and was upsized from $100 million.

A market source said the issue was quoted at $24.80 bid, $24.90 offered.

BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Investors Real Estate Trust also announced an offering of series C cumulative redeemable preferred stock.

Price talk is 6.5% to 6.75%.

At the bell, a source saw the preferreds offered at par. That compared to earlier quotes in a $24.87 to $24.90 context, he said.

BMO Capital Markets and Raymond James & Associates Inc. are the joint bookrunners.

Meanwhile, Georgia Power Co.’s $270 million of 5% $25-par series 2017A junior subordinated notes due 2077 began trading on the New York Stock Exchange on Monday.

The ticker symbol is “GPJA.”

Paper was trading at $25.05 at the end of the session, up a nickel.

The deal priced Sept. 18.

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