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Morning Commentary: Maiden adds deal to calendar; Endurance not free; U.S. Cellular steady
By Stephanie N. Rotondo
Seattle, Nov. 18 – More deals were added to the preferred stock pipeline Wednesday with Maiden Holdings Ltd.’s addition of a $100 million offering of series C noncumulative preference shares.
The issue is being talked in a 7.25% area, according to a market source.
A trader placed the new shares at $24.60 bid, $24.70 offered in the early gray market.
Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC are running the books.
Proceeds will be used to support the Hamilton, Bermuda-based reinsurance company’s business. The new funds might also be used to help pay down debt, including the $107.5 million of 8.25% $25-par senior notes due 2041.
Those notes (NYSE: MHNA) were trading down 3 cents to $25.81 at mid-morning.
Meanwhile, Endurance Specialty Holdings Ltd.’s new $200 million of 6.35% series C noncumulative preferreds – a deal priced Tuesday – were seen at $24.80 bid, $24.85 offered.
The issue had not freed to trade as of mid-morning, according to a trader.
Morgan Stanley and Wells Fargo were the bookrunners.
Among other deals from the week, United States Cellular Corp.’s $300 million of 7.25% $25-par senior unsecured notes due 2064 were holding in a $24.85 to $24.88 context.
That issue came Monday via BofA Merrill Lynch, Morgan Stanley, RBC Capital Markets and UBS Securities LLC.
In new listings, American Financial Group Inc.’s $150 million of 6% $25-par subordinated debentures due 2055 began trading on the New York Stock Exchange on Wednesday.
The ticker symbol is “AFGH.” The deal priced Nov. 9.
A trader saw the issue being quoted at $24.88 bid, $24.93 offered.
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