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Prospect News home > News index > List of issuers E > Headlines for Energy Transfer Partners LP > News item |
Tsakos sells $135 million preferreds; Enstar’s new issue active; Energy Transfer slides
By James McCandless
San Antonio, June 21 – The preferred market was dominated by a new issue against an overall declining market.
Tsakos Energy Navigation Ltd. priced $135 million of $25-par series F fixed-to-floating rate perpetual preferreds on Thursday.
Enstar Group Ltd.’s new $400 million 7% series D fixed-to-floating rate perpetual preferred shares led secondary trading.
Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units were also active.
MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares declined.
Tsakos prices
Tsakos priced $135 million of $25-par series F fixed-to-floating rate cumulative redeemable perpetual preferred shares on Thursday.
The 9.5% preferreds convert to a floating rate on July 30, 2028 of Libor plus 654 basis points.
Morgan Stanley & Co. LLC, UBS Securities LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.
The offering was announced Thursday morning (see related story elsewhere in this issue).
Enstar gains
Enstar’s new $400 million of $25-par series D fixed-to-floating rate perpetual preferred shares led the market on its first full day with about 5,283,000 shares trading.
The deal was announced Monday morning.
The preferreds, trading under the temporary ticker “ENSTF,” were up 1 cent to $25.21.
Energy Transfer off
Energy Transfer’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units saw increased attention with about 528,000 shares trading.
The preferreds (NYSE: ETPPrC) were down 17 cents to $24.95.
MetLife declines
MetLife’s $805 million 5.625% series E non-cumulative preferred shares saw about 380,000 shares trading.
The preferreds (NYSE: METPrE) were down 9 cents to $25.23.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index closed down 0.18% at the market close, enlarging the 0.11% decline seen in early trading on Thursday.
The iShares US Preferred Stock ETF was down 2 cents to close at $37.51.
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