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Morning Commentary: KKR plans sale of preferred units; STAG prices; SoCal Edison, eBay list
By Stephanie N. Rotondo
Seattle, March 10 – The preferred stock market saw another deal added to the tape on Thursday, as KKR & Co. LP announced an offering of series A noncumulative perpetual units.
Price talk is around 6.75%, according to a market source.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC are leading the deal.
A trader said he had yet to see any markets for the planned $150 million sale, noting that there was “no selling group yet.”
Meanwhile, STAG Industrial Inc. priced $75 million of 6.875% series C cumulative redeemable preferreds.
That issue was first announced on Wednesday. It came via Morgan Stanley, BofA Merrill Lynch, Raymond James and Wells Fargo.
A trader saw the paper at $24.65 bid in early trading.
Among recently priced deals, both Southern California Edison Co.’s SCE Trust V’s $300 million of 5.45% fixed-to-floating rate trust preference securities and eBay Inc.’s $750 million of 6% $25-par notes due Feb. 1, 2056 listed on Thursday.
The Southern California Edison deal was admitted to the New York Stock Exchange under the ticker symbol “SCEPK.” The issue – which priced March 1 – was trading at $25.82 at mid-morning.
The eBay notes, which priced Feb. 22, listed on the Nasdaq Global Select Market under the ticker “EBAYL.” Those were seen at $24.89.
And, the Charles Schwab Corp.’s $750 million of 5.95% $25-par series D noncumulative perpetual preferred stock was pegged at $25.26, up a nickel. The preferreds were admitted to the NYSE on Wednesday under the symbol “SCHWPD.”
That issue came Feb. 29.
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