Primary calendar builds up; PS Business comes upsized; Global Medical prices in line

By Stephanie N. Rotondo

Seattle, Sept. 12 – The preferred stock new issue calendar continued to build up on Tuesday, with three new deals getting added to the tape.

That was in addition to the two deals announced on Monday that had not yet priced as of Tuesday’s close.

Of the day’s three newly announced issues, two actually priced.

PS Business Parks Inc. priced $200 million of 5.25% series X cumulative preferreds.

Price talk was 5.25% to 5.375%, according to a market source. The deal was upsized from $100 million.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are running the books.

On the heels of the new issue announcement, the company’s 5.75% series U cumulative preferreds (NYSE: PSBPrU) traded up 7 cents to $25.20.

PS Business plans to use proceeds to pay down a credit facility.

Also in the real estate investment trust space, Global Medical REIT Inc. sold $67.5 million of 7.5% series A cumulative redeemable preferred shares – the company’s first foray into the preferred space.

The deal came in line with talk.

FBR Capital Markets and Janney Montgomery Scott LLC are the joint bookrunners.

And, Great Elm Capital Corp. said it plans to price up to $40.25 million of $25-par notes due 2022, with price talk around 6.5%.

Janney Montgomery Scott, Ladenburg Thalmann & Co. Inc., Oppenheimer & Co. and William Blair & Co. are leading the baby bond offering.

Pricing details were not available as of 6:30 p.m. ET.

The market was also waiting for deals announced Monday to price.

EnLink Midstream Partners LP announced an offering of $25-par series C fixed-to-floating rate cumulative redeemable preferred units on Monday.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo are running the deal.

General Motors Financial Co. Inc. is also slated to bring a deal, a sale of $1,000-par series A fixed-to-floating rate cumulative preferreds.

BofA Merrill Lynch, Morgan Stanley, RBC Capital Markets LLC and Wells Fargo are the joint bookrunners.

Away from the new issue deal flow, recently priced deals continued to be eyed.

The Carlyle Group’s $400 million of 5.875% series A perpetual preferred units remained active, rising 2 cents to close at $25.13.

Almost 676,500 units traded during the day’s session.

The deal came Wednesday tighter than the 6% price talk. The issue then freed to trade around midday on Thursday. Its temporary ticker symbol is “CGGGP.”

Morgan Stanley, BofA Merrill Lynch, UBS Securities LLC, Wells Fargo and JPMorgan led the deal.

And, Alabama Power Co.’s $250 million of 5% $25-par class A cumulative preferred stock listed on the New York Stock Exchange on Tuesday.

The ticker symbol is “ALPPrQ.”

Paper closed up 24 cents at $25.69.

The deal came Sept. 5 via BofA Merrill Lynch, JPMorgan, Morgan Stanley and Wells Fargo.

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